[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents Bunge Global SA's unaudited condensed consolidated financial statements and management's discussion and analysis [ITEM 1. FINANCIAL STATEMENTS (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents Bunge Global SA's unaudited condensed consolidated financial statements and related notes for Q2 2025 and 2024 [Condensed Consolidated Statements of Income (Loss)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) This statement details Bunge's revenues, expenses, and net income for the three and six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Income (Loss) (US$ in millions, except per share data) | Metric (US$ in millions, except per share data) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales | $12,769 | $13,241 | $24,412 | $26,658 | | Gross profit | $738 | $664 | $1,335 | $1,540 | | Income (loss) before income tax | $494 | $103 | $778 | $472 | | Net income (loss) attributable to Bunge shareholders | $354 | $70 | $555 | $314 | | Earnings per share—basic | $2.63 | $0.49 | $4.14 | $2.20 | | Earnings per share—diluted | $2.61 | $0.48 | $4.10 | $2.17 | - Net income attributable to Bunge shareholders significantly increased by **$284 million (405.7%)** for the three months ended June 30, 2025, and by **$241 million (76.7%)** for the six months ended June 30, 2025, compared to the respective prior periods[11](index=11&type=chunk) - Diluted EPS rose to **$2.61** for Q2 2025 from **$0.48** in Q2 2024, and to **$4.10** for the six months ended June 30, 2025, from **$2.17** in the prior year period[11](index=11&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This statement presents Bunge's net income and other comprehensive income components for the three and six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Comprehensive Income (Loss) (US$ in millions) | Metric (US$ in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income (loss) | $370 | $73 | $574 | $325 | | Total other comprehensive income (loss) | $335 | $(263) | $563 | $(412) | | Total comprehensive income (loss) | $705 | $(190) | $1,137 | $(87) | | Total comprehensive income (loss) attributable to Bunge | $667 | $(182) | $1,083 | $(78) | - Total comprehensive income attributable to Bunge improved significantly, reaching **$667 million** for Q2 2025 compared to a loss of **$182 million** in Q2 2024, primarily driven by a positive foreign exchange translation adjustment[14](index=14&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of Bunge's assets, liabilities, and equity at June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (US$ in millions) | Metric (US$ in millions) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Total assets | $31,154 | $24,899 | | Total liabilities | $19,218 | $13,955 | | Total equity | $11,895 | $10,945 | | Cash and cash equivalents | $6,790 | $3,311 | | Inventories | $8,014 | $6,491 | | Short-term debt | $3,535 | $875 | | Long-term debt | $7,044 | $4,694 | - Total assets increased by **$6,255 million** to **$31,154 million** at June 30, 2025, from **$24,899 million** at December 31, 2024, primarily due to higher cash and cash equivalents and inventories[17](index=17&type=chunk) - Total debt (short-term + long-term) increased by **$5,031 million** to **$11,269 million** at June 30, 2025, from **$6,238 million** at December 31, 2024, largely in preparation for the Viterra Acquisition[17](index=17&type=chunk)[243](index=243&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes Bunge's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Cash Flows (US$ in millions) | Metric (US$ in millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------- | :--------------------------- | :--------------------------- | | Operating Activities | $(1,357) | $(480) | | Investing Activities | $(102) | $(548) | | Financing Activities | $4,938 | $(388) | | Net increase (decrease) in cash and cash equivalents, and restricted cash | $3,484 | $(1,422) | - Cash used for operating activities increased to **$1,357 million** for the six months ended June 30, 2025, from **$480 million** in the prior year, mainly due to changes in working capital and derivative contracts[19](index=19&type=chunk)[260](index=260&type=chunk) - Cash provided by financing activities significantly increased to **$4,938 million** for the six months ended June 30, 2025, from cash used of **$388 million** in the prior year, driven by increased debt borrowings for the Viterra Acquisition and working capital[19](index=19&type=chunk)[263](index=263&type=chunk) [Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20and%20Redeemable%20Noncontrolling%20Interests) This statement outlines changes in Bunge's equity and noncontrolling interests for the six months ended June 30, 2025 and 2024 - Total Bunge shareholders' equity increased by **$970 million** to **$10,883 million** at June 30, 2025, from **$9,913 million** at December 31, 2024, primarily due to net income, favorable foreign exchange translation adjustments in OCI, and the sale of a redeemable noncontrolling interest[17](index=17&type=chunk)[254](index=254&type=chunk) - Dividends paid to registered shareholders for the three months ended June 30, 2025, were **$377 million**, with a declared quarterly dividend of **$0.70 per share**[22](index=22&type=chunk)[169](index=169&type=chunk) - Noncontrolling interests decreased to **$1,012 million** at June 30, 2025, from **$1,032 million** at December 31, 2024, mainly due to the acquisition of noncontrolling interest in TGSC, partially offset by capital contributions and foreign exchange translation adjustments[17](index=17&type=chunk)[255](index=255&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies](index=9&type=section&id=1.%20Basis%20of%20Presentation,%20Principles%20of%20Consolidation,%20and%20Significant%20Accounting%20Policies) This note describes the framework for financial statement preparation, consolidation principles, and key accounting policies - The financial statements are prepared in accordance with U.S. GAAP for interim financial information and SEC rules, with certain disclosures condensed or omitted[26](index=26&type=chunk) - Effective January 1, 2025, the Sugar and Bioenergy reporting segment was reclassified to Corporate and Other, with prior period amounts restated[27](index=27&type=chunk) Cash and Cash Equivalents (US$ in millions) | (US$ in millions) | June 30, 2025 | June 30, 2024 | | :---------------- | :------------ | :------------ | | Cash and cash equivalents | $6,790 | $1,161 | | Restricted cash included in Other current assets | $22 | $40 | | Total | $6,812 | $1,201 | - New accounting pronouncements include ASU 2024-03 (Expense Disaggregation Disclosures), SEC climate-related disclosure rules (stayed), and ASU 2023-09 (Improvements to Income Tax Disclosures), with Bunge evaluating their impacts[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [2. Acquisitions and Dispositions](index=10&type=section&id=2.%20Acquisitions%20and%20Dispositions) This note details Bunge's significant acquisition and divestiture activities during the reporting period - Bunge completed the acquisition of Viterra Limited on July 2, 2025, for approximately **$5.3 billion** in stock and **$2.0 billion** in cash, creating a premier global agribusiness solutions company[33](index=33&type=chunk)[34](index=34&type=chunk) Total Preliminary Purchase Consideration for Viterra (US$ in millions) | Item | Amount | | :------------------------------------ | :---------- | | Fair value of Bunge stock issued | $5,340 | | Cash consideration | $1,940 | | Repayment of certain debt of Viterra | $3,554 | | Effective settlement of pre-existing relationships | $(157) | | **Total preliminary purchase consideration** | **$10,677** | - Divestitures include the sale of North America Corn Milling business for **$470 million** cash proceeds and a **$155 million** gain, and an agreement to sell European margarines and spreads business for **$239 million**[42](index=42&type=chunk)[45](index=45&type=chunk) - Other acquisition activities include an asset purchase agreement with International Flavors and Fragrances for approximately **$110 million** and exercising a call option to acquire the remaining 85% equity interest in ViOil for approximately **$138 million**[38](index=38&type=chunk)[39](index=39&type=chunk) - The definitive share purchase agreement for CJ Selecta was formally terminated in April 2025[41](index=41&type=chunk) [3. Trade Structured Finance Program](index=13&type=section&id=3.%20Trade%20Structured%20Finance%20Program) This note explains Bunge's use of trade structured finance activities to enhance financial flexibility - Bunge uses trade structured finance activities, including letters of credit (LCs) and time deposits, to leverage global trade flows and enhance financial flexibility[52](index=52&type=chunk) - As of June 30, 2025, time deposits and LCs of **$7,349 million** were presented net on the balance sheets, with weighted-average interest rates of **4.55%**[53](index=53&type=chunk) - Total net proceeds from discounting LCs were **$4,291 million** for the six months ended June 30, 2025, with all related cash flows included in operating activities[53](index=53&type=chunk) [4. Trade Accounts Receivable and Trade Receivables Securitization Program](index=14&type=section&id=4.%20Trade%20Accounts%20Receivable%20and%20Trade%20Receivables%20Securitization%20Program) This note details Bunge's trade accounts receivable, allowance for credit losses, and securitization program Allowance for Credit Losses (US$ in millions) | Item | Six Months Ended June 30, 2025 | | :------------------------ | :----------------------------- | | Allowance as of January 1 | $113 | | Current period provisions | $19 | | Recoveries | $(20) | | Write-offs | $(13) | | Foreign exchange translation differences | $4 | | **Allowance as of June 30** | **$103** | - Bunge participates in a trade receivables securitization program providing up to **$1.5 billion** in funding, with a termination date of May 17, 2031, and includes sustainability provisions[58](index=58&type=chunk) Trade Receivables Securitization Program (US$ in millions) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------------------------- | :------------ | :---------------- | | Receivables sold (derecognized) | $1,100 | $1,148 | | Receivables pledged (included in Trade accounts receivable) | $230 | $123 | [5. Inventories](index=15&type=section&id=5.%20Inventories) This note provides a breakdown of Bunge's inventories by segment and their valuation Inventories by Segment (US$ in millions) | Segment | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Agribusiness | $6,745 | $5,090 | | Refined and Specialty Oils | $1,132 | $1,188 | | Milling | $133 | $209 | | Corporate and Other | $4 | $4 | | **Total** | **$8,014** | **$6,491** | - Total inventories increased by **$1,523 million** to **$8,014 million** at June 30, 2025, from **$6,491 million** at December 31, 2024, primarily due to increased volumes from the South American harvest[63](index=63&type=chunk)[234](index=234&type=chunk) Readily Marketable Inventories (RMI) by Segment (US$ in millions) | Segment | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Agribusiness | $6,351 | $4,819 | | Refined and Specialty Oils | $294 | $339 | | Milling | $12 | $66 | | **Total** | **$6,657** | **$5,224** | [6. Other Current Assets](index=16&type=section&id=6.%20Other%20Current%20Assets) This note details the components of Bunge's other current assets at June 30, 2025, and December 31, 2024 Other Current Assets (US$ in millions) | Item | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Unrealized gains on derivative contracts | $1,354 | $1,286 | | Prepaid commodity purchase contracts | $485 | $216 | | Secured advances to suppliers, net | $252 | $239 | | Recoverable taxes, net | $326 | $315 | | Margin deposits | $640 | $579 | | Marketable securities and other short-term investments | $347 | $484 | | Income taxes receivable | $122 | $122 | | Prepaid expenses | $272 | $164 | | Restricted cash | $22 | $17 | | Disposition receivable | $80 | $100 | | Insurance recovery receivable | $— | $52 | | Other | $305 | $426 | | **Total** | **$4,205** | **$4,000** | - Other current assets increased by **$205 million** to **$4,205 million** at June 30, 2025, from **$4,000 million** at December 31, 2024, driven by increases in prepaid commodity purchase contracts, assets held for sale, and unrealized gains on derivative contracts[65](index=65&type=chunk)[236](index=236&type=chunk) - The company collected a **$100 million** disposition receivable from the sale of BP Bunge Bioenergia and a **$52 million** insurance recovery related to the Ukraine-Russia war in Q1 2025[68](index=68&type=chunk)[69](index=69&type=chunk) [7. Other Non-Current Assets](index=17&type=section&id=7.%20Other%20Non-Current%20Assets) This note outlines the components of Bunge's other non-current assets at June 30, 2025, and December 31, 2024 Other Non-Current Assets (US$ in millions) | Item | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Recoverable taxes, net | $22 | $19 | | Judicial deposits | $95 | $86 | | Other long-term receivables, net | $15 | $14 | | Income taxes receivable | $90 | $125 | | Long-term investments | $172 | $174 | | Affiliate loans receivable | $8 | $8 | | Long-term receivables from farmers in Brazil, net | $68 | $23 | | Unrealized gains on derivative contracts | $13 | $— | | Other | $112 | $108 | | **Total** | **$595** | **$557** | - Total other non-current assets increased by **$38 million** to **$595 million** at June 30, 2025, from **$557 million** at December 31, 2024, primarily due to an increase in long-term receivables from farmers in Brazil[70](index=70&type=chunk) - Long-term receivables from farmers in Brazil, net, increased from **$23 million** to **$68 million**, with an average recorded investment of **$135 million** for the six months ended June 30, 2025[70](index=70&type=chunk)[76](index=76&type=chunk) [8. Investments in Affiliates and Variable Interest Entities](index=18&type=section&id=8.%20Investments%20in%20Affiliates%20and%20Variable%20Interest%20Entities) This note discusses Bunge's investments in affiliates and its involvement with variable interest entities - Bunge's agreement to acquire a **25%** interest in Terminal XXXIX De Santos S.A. (T-39) was formally terminated by the seller in June 2025[80](index=80&type=chunk) - Bunge acquired all shares of Terminal de Granéis de Santa Catarina (TGSC) for approximately **$85 million** in March 2025; TGSC is no longer a VIE and is now a wholly-owned subsidiary[81](index=81&type=chunk)[82](index=82&type=chunk) - Bunge Chevron Ag Renewables LLC (BCAR) remains a consolidated Variable Interest Entity (VIE) where Bunge is the primary beneficiary[83](index=83&type=chunk) Assets and Liabilities of Consolidated VIEs (US$ in millions) | Item | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Total assets | $1,001 | $1,149 | | Total liabilities | $96 | $174 | [9. Income Taxes](index=20&type=section&id=9.%20Income%20Taxes) This note provides information on Bunge's income tax expense and effective tax rates Income Tax Expense (US$ in millions) | Period | 2025 | 2024 | | :------------------------ | :--- | :--- | | Three Months Ended June 30 | $124 | $30 | | Six Months Ended June 30 | $204 | $147 | - The effective tax rate for both periods in 2025 was higher than the U.S. statutory rate of **21%**, primarily due to the jurisdictional mix of earnings[89](index=89&type=chunk) - Bunge is evaluating the potential impact of the newly signed U.S. 'One Big Beautiful Bill Act' on its financial statements[91](index=91&type=chunk) [10. Other Current Liabilities](index=20&type=section&id=10.%20Other%20Current%20Liabilities) This note details the components of Bunge's other current liabilities at June 30, 2025, and December 31, 2024 Other Current Liabilities (US$ in millions) | Item | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Unrealized losses on derivative contracts | $1,073 | $1,082 | | Accrued liabilities | $793 | $840 | | Advances on sales | $400 | $501 | | Dividends payable | $282 | $91 | | Income tax payable | $80 | $80 | | Other | $288 | $224 | | **Total** | **$2,916** | **$2,818** | - Total other current liabilities increased by **$98 million** to **$2,916 million** at June 30, 2025, from **$2,818 million** at December 31, 2024, primarily due to higher accrued dividends and liabilities held for sale[92](index=92&type=chunk)[239](index=239&type=chunk) - Advances on sales are impacted by business seasonality and are generally recognized in earnings within twelve months or less[92](index=92&type=chunk) [11. Fair Value Measurements](index=21&type=section&id=11.%20Fair%20Value%20Measurements) This note describes Bunge's fair value measurements for financial and non-financial assets and liabilities - Bunge categorizes fair value measurements into Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs)[96](index=96&type=chunk) Assets at Fair Value (US$ in millions) - June 30, 2025 | Item | Level 1 | Level 2 | Level 3 | Total | | :---------------------------------------- | :------ | :------ | :------ | :------ | | Cash equivalents | $5,185 | $16 | $— | $5,201 | | Readily marketable inventories | $— | $5,122 | $1,535 | $6,657 | | Unrealized gain on derivative contracts | $332 | $1,123 | $125 | $1,500 | | **Total assets** | **$5,517** | **$6,322** | **$1,660** | **$13,499** | Liabilities at Fair Value (US$ in millions) - June 30, 2025 | Item | Level 1 | Level 2 | Level 3 | Total | | :---------------------------------------- | :------ | :------ | :------ | :------ | | Trade accounts payable | $— | $303 | $273 | $576 | | Unrealized loss on derivative contracts | $140 | $957 | $110 | $1,227 | | **Total liabilities** | **$140** | **$1,260** | **$383** | **$1,783** | - Level 3 measurements for readily marketable inventories and trade accounts payable primarily involve management estimations for transportation costs and local market adjustments, particularly in Brazil and Canada[111](index=111&type=chunk) [12. Derivative Instruments and Hedging Activities](index=26&type=section&id=12.%20Derivative%20Instruments%20and%20Hedging%20Activities) This note details Bunge's use of derivative instruments to manage market risks and their accounting treatment - Bunge uses derivative instruments to manage market risks such as interest rate, foreign currency, and commodity risk, classifying them as Hedge Accounting Derivatives or Economic Hedge Derivatives[120](index=120&type=chunk) Hedge Accounting Derivatives Notional Amounts (US$ in millions) | Type of Hedge | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Fair value hedges of interest rate risk (Interest rate swap) | $4,900 | $4,900 | | Cash flow hedges of currency risk (Foreign currency forward) | $57 | $— | | Cash flow hedges of currency risk (Foreign currency option) | $60 | $120 | | Net investment hedges (Foreign currency forward) | $737 | $550 | - Economic hedge derivatives are used for interest rate, currency, agricultural commodity, ocean freight, energy, and other macroeconomic exposures, with impacts primarily recognized in Interest expense, Foreign exchange gains (losses) – net, or Cost of goods sold[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) Gain (Loss) Recognized in Income on Derivative Instruments (US$ in millions) - 3 Months Ended June 30 | Income statement classification | Type of derivative | 2025 | 2024 | | :---------------------------- | :----------------- | :--- | :--- | | Cost of goods sold | Foreign currency | $47 | $(217) | | | Commodities | $219 | $(26) | | | Other | $(2) | $95 | | Interest expense | Interest rate | $(23) | $(30) | | Foreign exchange (losses) gains – net | Foreign currency | $(8) | $28 | [13. Debt](index=31&type=section&id=13.%20Debt) This note provides a detailed breakdown of Bunge's short-term and long-term debt obligations Bunge's Short and Long-Term Debt (US$ in millions) | Item | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Short-term debt | $3,535 | $875 | | Current portion of long-term debt | $690 | $669 | | **Total Short-term debt and Current portion of long-term debt** | **$4,225** | **$1,544** | | Long-term debt | $7,044 | $4,694 | | **Total debt** | **$11,269** | **$6,238** | - Total debt increased by **$5,031 million** to **$11,269 million** at June 30, 2025, from **$6,238 million** at December 31, 2024, primarily due to increased short-term borrowings and **$2.3 billion** in term loan borrowings for the Viterra Acquisition[141](index=141&type=chunk)[243](index=243&type=chunk) - Bunge amended its **$3.2 billion** 5-year and **$3.5 billion** 3-year revolving credit agreements, and extended its **$1.1 billion** 364-day revolving credit agreement, with **$1.1 billion** outstanding under the **$3.5 billion** facility at June 30, 2025[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) - In connection with the Viterra Acquisition, Bunge borrowed **$2.3 billion** from term loans and issued **$2.0 billion** in 2024 Senior Notes and **$1.3 billion** in 2025 Senior Notes[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) [14. Related Party Transactions](index=33&type=section&id=14.%20Related%20Party%20Transactions) This note discloses transactions with related parties and their financial impact - Related party purchases of agricultural commodities comprised approximately **9% or less** of total Cost of goods sold, and sales comprised approximately **3% or less** of total Net sales for the three and six months ended June 30, 2025 and 2024[154](index=154&type=chunk) - Receivables and payables related to related party transactions comprised approximately **5% or less** and **3% or less** of total Trade accounts receivable and payable, respectively, at June 30, 2025[156](index=156&type=chunk) - Bunge believes all related party transaction values are similar to arm's-length transactions with third parties[158](index=158&type=chunk) [15. Commitments and Contingencies](index=33&type=section&id=15.%20Commitments%20and%20Contingencies) This note outlines Bunge's legal claims, lawsuits, and other commitments and contingencies - Bunge is party to various claims and lawsuits, primarily non-income tax and labor claims in South America, and other litigation, with management not expecting a material adverse effect on financial condition[159](index=159&type=chunk) Provisions for Legal Matters (US$ in millions) | Claim Type | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | Non-income tax claims | $24 | $19 | | Labor claims | $26 | $50 | | Civil and other claims | $204 | $194 | | **Total** | **$254** | **$263** | Guarantees (US$ in millions) | Type of Guarantee | Recorded Liability | Maximum Potential Future Payments | | :---------------------------- | :----------------- | :-------------------------------- | | Unconsolidated affiliates guarantee | $14 | $164 | | Residual value guarantee | $— | $375 | | Other guarantees | $— | $12 | | **Total** | **$14** | **$551** | - Bunge recognized a **$95 million** obligation related to indemnities for legal claims associated with the sale of its **50%** ownership in BP Bunge Bioenergia, with maximum potential future payments of **$1,357 million**[164](index=164&type=chunk) [16. Other Non-Current Liabilities](index=35&type=section&id=16.%20Other%20Non-Current%20Liabilities) This note details the components of Bunge's other non-current liabilities at June 30, 2025, and December 31, 2024 Other Non-Current Liabilities (US$ in millions) | Item | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Labor, legal, and other provisions | $286 | $281 | | Pension, post-retirement, and post-employment obligations | $168 | $170 | | Uncertain income tax positions | $79 | $75 | | Unrealized losses on derivative contracts | $134 | $232 | | Other | $94 | $89 | | **Total** | **$761** | **$847** | - Total other non-current liabilities decreased by **$86 million** to **$761 million** at June 30, 2025, from **$847 million** at December 31, 2024, primarily due to a decrease in unrealized losses on derivative contracts[167](index=167&type=chunk) [17. Equity](index=35&type=section&id=17.%20Equity) This note provides information on Bunge's equity, including share repurchase programs and dividends - Bunge's Board approved an additional **$500 million** for its share repurchase program in November 2024, bringing total authorizations to **$2.7 billion**, with approximately **$800 million** remaining outstanding[168](index=168&type=chunk) - No shares were repurchased during the three and six months ended June 30, 2025[168](index=168&type=chunk) Dividends Paid to Shareholders (per share) | Period | 2025 | 2024 | | :------------------------ | :---- | :----- | | Three Months Ended June 30 | $0.70 | $0.68 | | Six Months Ended June 30 | $1.38 | $1.3425 | - Shareholders approved a cash dividend distribution of **$2.80 per share**, payable in four quarterly installments of **$0.70 per share**, representing a **3%** increase from the previous quarterly dividend[169](index=169&type=chunk)[265](index=265&type=chunk) Accumulated Other Comprehensive Income (Loss) Attributable to Bunge (US$ in millions) - June 30, 2025 | Component | Balance, April 1, 2025 | Balance, June 30, 2025 | | :-------------------------------------- | :--------------------- | :--------------------- | | Foreign Exchange Translation Adjustment | $(5,952) | $(5,594) | | Deferred Gains (Losses) on Hedging Activities | $(344) | $(393) | | Pension and Other Postretirement Liability Adjustments | $(140) | $(136) | | **Total Accumulated Other Comprehensive Income (Loss)** | **$(6,436)** | **$(6,123)** | [18. Earnings Per Share](index=37&type=section&id=18.%20Earnings%20Per%20Share) This note details the computation of basic and diluted earnings per share for Bunge Earnings Per Share Computation | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income (loss) attributable to Bunge shareholders (US$ in millions) | $354 | $70 | $555 | $314 | | Weighted-average number of shares outstanding: Basic | 134,493,236 | 141,620,591 | 134,278,611 | 142,560,804 | | Weighted-average number of shares outstanding: Diluted | 135,599,243 | 143,185,150 | 135,497,578 | 144,291,340 | | Earnings per share: Basic | $2.63 | $0.49 | $4.14 | $2.20 | | Earnings per share: Diluted | $2.61 | $0.48 | $4.10 | $2.17 | - Diluted EPS increased significantly to **$2.61** for Q2 2025 from **$0.48** for Q2 2024, and to **$4.10** for the six months ended June 30, 2025, from **$2.17** for the prior year period[173](index=173&type=chunk) [19. Segment Information](index=37&type=section&id=19.%20Segment%20Information) This note provides financial information by Bunge's reportable segments - Effective January 1, 2025, Bunge no longer presents a separate Sugar and Bioenergy segment; prior period amounts have been reclassified to Corporate and Other[175](index=175&type=chunk) - The company's operations are now classified into three reportable segments: Agribusiness, Refined and Specialty Oils, and Milling, with remaining operations in Corporate and Other[174](index=174&type=chunk)[176](index=176&type=chunk)[198](index=198&type=chunk) Total Reportable Segment EBIT (US$ in millions) | Period | 2025 | 2024 | | :------------------------ | :---- | :---- | | Three Months Ended June 30 | $659 | $361 | | Six Months Ended June 30 | $1,063 | $898 | Net Sales to External Customers by Segment (US$ in millions) - 6 Months Ended June 30, 2025 | Segment | Sales from commodity contracts (ASC 815) | Sales from contracts with customers (ASC 606) | Total Net Sales | | :--------------------------------------- | :-------------------------------------------- | :-------------- | | Agribusiness | $16,260 | $1,068 | $17,328 | | Refined and Specialty Oils | $428 | $5,841 | $6,269 | | Milling | $40 | $744 | $784 | | Corporate and Other | $— | $31 | $31 | | **Total** | **$16,728** | **$7,684** | **$24,412** | [Cautionary Statement Regarding Forward Looking Statements](index=41&type=section&id=Cautionary%20Statement%20Regarding%20Forward%20Looking%20Statements) This statement advises that the report contains forward-looking information subject to risks and uncertainties - The report contains forward-looking statements subject to risks, uncertainties, and assumptions that could cause actual results to differ materially[185](index=185&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, and the ability to integrate acquisitions like Viterra Limited[188](index=188&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=42&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on Bunge Global SA's financial condition and results of operations for the three and six months ended June 30, 2025, compared to the prior year [Second Quarter 2025 Overview](index=42&type=section&id=Second%20Quarter%202025%20Overview) This overview highlights key events and financial performance during the second quarter of 2025 - Bunge completed the acquisition of Viterra Limited on July 2, 2025, with Viterra's results to be included in consolidated financial statements starting Q3 2025[190](index=190&type=chunk) [Non-U.S. GAAP Financial Measures](index=42&type=section&id=Non-U.S.%20GAAP%20Financial%20Measures) This section defines and explains the use of non-U.S. GAAP financial measures in the report - Total earnings before interest and taxes (EBIT) is a non-U.S. GAAP measure used by management to evaluate reportable segment operating activities and overall performance, excluding financing methods or capital structure[191](index=191&type=chunk) [Executive Summary](index=42&type=section&id=Executive%20Summary) This section provides a high-level overview of Bunge's financial performance and key operational highlights for the reporting period Key Financial Highlights (US$ in millions, except per share data) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net Income Attributable to Bunge Shareholders | $354 | $70 | $555 | $314 | | Diluted EPS | $2.61 | $0.48 | $4.10 | $2.17 | | Total EBIT | $538 | $185 | $866 | $618 | | Income Tax Expense | $124 | $30 | $204 | $147 | - Net income attributable to Bunge shareholders increased by **$284 million** for Q2 2025 and **$241 million** for the six months ended June 30, 2025, primarily due to higher Segment EBIT and Corporate and Other EBIT[192](index=192&type=chunk) - Working capital increased by **$2,538 million** to **$11,061 million** at June 30, 2025, compared to December 31, 2024, mainly due to higher cash and cash equivalents from increased borrowings for the Viterra Acquisition, partially offset by higher short-term debt[196](index=196&type=chunk) [Segment Overview & Results of Operations](index=43&type=section&id=Segment%20Overview%20%26%20Results%20of%20Operations) This section provides a detailed analysis of the financial performance of Bunge's reportable segments [Agribusiness Segment](index=44&type=section&id=Agribusiness%20Segment) This section analyzes the financial performance and key drivers of Bunge's Agribusiness segment Agribusiness Segment Performance (US$ in millions, except volumes) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change | | :------------------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Volumes (in thousand metric tons) | 19,274 | 20,579 | (6)% | 37,551 | 40,771 | (8)% | | Net sales | $9,167 | $9,657 | (5)% | $17,328 | $19,397 | (11)% | | Gross profit | $471 | $289 | 63% | $774 | $743 | 4% | | Total Agribusiness Segment EBIT | $381 | $138 | 176% | $651 | $416 | 56% | - Agribusiness Segment EBIT increased by **176%** to **$381 million** for Q2 2025 and **56%** to **$651 million** for the six months ended June 30, 2025, driven by favorable foreign exchange results and higher gross profit in global soybean oilseed processing and South America businesses[203](index=203&type=chunk)[208](index=208&type=chunk) - Net sales decreased by **5%** for Q2 2025 and **11%** for the six months ended June 30, 2025, primarily due to lower volumes and average sales prices in processing and global wheat businesses, partially offset by higher demand in global oils and corn[202](index=202&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk) [Refined and Specialty Oils Segment](index=46&type=section&id=Refined%20and%20Specialty%20Oils%20Segment) This section analyzes the financial performance and key drivers of Bunge's Refined and Specialty Oils segment Refined and Specialty Oils Segment Performance (US$ in millions, except volumes) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change | | :------------------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Volumes (in thousand metric tons) | 2,175 | 2,300 | (5)% | 4,305 | 4,495 | (4)% | | Net sales | $3,177 | $3,121 | 2% | $6,269 | $6,361 | (1)% | | Gross profit | $225 | $315 | (29)% | $462 | $674 | (31)% | | Total Refined and Specialty Oils Segment EBIT | $101 | $185 | (45)% | $217 | $411 | (47)% | - Refined and Specialty Oils Segment EBIT decreased by **45%** to **$101 million** for Q2 2025 and **47%** to **$217 million** for the six months ended June 30, 2025, primarily due to lower gross profit and overall lower margins, particularly in North America and Europe[211](index=211&type=chunk)[214](index=214&type=chunk) - Net sales increased by **2%** for Q2 2025 due to higher sales prices in Europe and Asia, but decreased by **1%** for the six months ended June 30, 2025, due to lower prices and volumes in North America[210](index=210&type=chunk)[212](index=212&type=chunk) [Milling Segment](index=47&type=section&id=Milling%20Segment) This section analyzes the financial performance and key drivers of Bunge's Milling segment Milling Segment Performance (US$ in millions, except volumes) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change | | :------------------------------------ | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Volumes (in thousand metric tons) | 857 | 971 | (12)% | 1,755 | 1,845 | (5)% | | Net sales | $409 | $401 | 2% | $784 | $782 | —% | | Gross profit | $47 | $66 | (29)% | $91 | $126 | (28)% | | Total Milling Segment EBIT | $177 | $38 | 366% | $195 | $71 | 175% | - Milling Segment EBIT increased significantly by **366%** to **$177 million** for Q2 2025 and **175%** to **$195 million** for the six months ended June 30, 2025, primarily due to a **$155 million** gain on the sale of Bunge's North America corn milling business[218](index=218&type=chunk)[219](index=219&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) - Net sales remained consistent for the six months ended June 30, 2025, with higher sales prices in South American wheat milling and North American corn milling offset by decreased volumes[220](index=220&type=chunk) [Corporate and Other](index=48&type=section&id=Corporate%20and%20Other) This section discusses the financial performance of Bunge's Corporate and Other segment Corporate and Other EBIT (US$ in millions) | Period | 2025 | 2024 | % Change | | :------------------------ | :---- | :---- | :------- | | Three Months Ended June 30 | $(121) | $(176) | 31% | | Six Months Ended June 30 | $(197) | $(280) | 30% | - Corporate and Other EBIT improved by **31%** to a loss of **$121 million** for Q2 2025 and **30%** to a loss of **$197 million** for the six months ended June 30, 2025, mainly due to lower SG&A expenses from reduced Viterra acquisition and integration costs[224](index=224&type=chunk)[225](index=225&type=chunk) - Acquisition and integration costs within Corporate and Other EBIT were **$38 million** for Q2 2025, down from **$62 million** in Q2 2024[224](index=224&type=chunk) [Interest](index=48&type=section&id=Interest) This section analyzes Bunge's interest income and expense for the reporting periods Consolidated Interest Income and Expense (US$ in millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change | | :-------------- | :--------------------------- | :--------------------------- | :------- | :--------------------------- | :--------------------------- | :------- | | Interest income | $46 | $37 | 24% | $105 | $79 | 33% | | Interest expense| $(106) | $(123) | (14)% | $(210) | $(231) | (9)% | - Interest income increased by **24%** for Q2 2025 and **33%** for the six months ended June 30, 2025, due to higher cash and cash equivalents balances[227](index=227&type=chunk)[228](index=228&type=chunk) - Interest expense decreased by **14%** for Q2 2025 and **9%** for the six months ended June 30, 2025, due to lower interest rates, partially offset by higher debt levels[227](index=227&type=chunk)[228](index=228&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses Bunge's ability to generate and manage cash to meet its financial obligations and fund operations [Working Capital](index=49&type=section&id=Working%20Capital) This section analyzes Bunge's working capital position and its components Working Capital Summary (US$ in millions, except current ratio) | Metric | June 30, 2025 | June 30, 2024 | December 31, 2024 | | :------------------------ | :------------ | :------------ | :---------------- | | Total current assets | $21,445 | $15,452 | $15,958 | | Total current liabilities | $10,384 | $7,606 | $7,435 | | Working capital | $11,061 | $7,846 | $8,523 | | Current ratio | 2.07 | 2.03 | 2.15 | - Working capital increased by **$2,538 million** to **$11,061 million** at June 30, 2025, from **$8,523 million** at December 31, 2024, primarily due to higher cash and cash equivalents and inventories, partially offset by higher short-term debt[230](index=230&type=chunk)[196](index=196&type=chunk) [Cash and Cash Equivalents](index=49&type=section&id=Cash%20and%20Cash%20Equivalents) This section details the changes in Bunge's cash and cash equivalents - Cash and cash equivalents increased by **$3,479 million** to **$6,790 million** at June 30, 2025, from **$3,311 million** at December 31, 2024, mainly due to borrowings for the Viterra Acquisition[231](index=231&type=chunk) [Trade accounts receivable, net](index=49&type=section&id=Trade%20accounts%20receivable,%20net) This section discusses changes in Bunge's net trade accounts receivable - Trade accounts receivable, net, increased by **$110 million** to **$2,258 million** at June 30, 2025, from **$2,148 million** at December 31, 2024, primarily due to fewer receivables sold into the securitization program[232](index=232&type=chunk) [Inventories](index=50&type=section&id=Inventories) This section analyzes the changes in Bunge's inventory levels - Inventories increased by **$1,523 million** to **$8,014 million** at June 30, 2025, from **$6,491 million** at December 31, 2024, mainly due to increased volumes from the South American harvest[234](index=234&type=chunk) [Other current assets](index=50&type=section&id=Other%20current%20assets) This section details the changes in Bunge's other current assets - Other current assets increased by **$375 million** to **$4,383 million** at June 30, 2025, from **$4,008 million** at December 31, 2024, driven by higher prepaid commodity purchase contracts and assets held for sale[236](index=236&type=chunk) [Short-term debt](index=50&type=section&id=Short-term%20debt) This section discusses changes in Bunge's short-term debt obligations - Short-term debt, including the current portion of long-term debt, increased by **$2,681 million** to **$4,225 million** at June 30, 2025, from **$1,544 million** at December 31, 2024, due to higher borrowings for the Viterra Acquisition and working capital[237](index=237&type=chunk) [Trade accounts payable](index=50&type=section&id=Trade%20accounts%20payable) This section analyzes changes in Bunge's trade accounts payable - Trade accounts payable increased by **$117 million** to **$2,894 million** at June 30, 2025, from **$2,777 million** at December 31, 2024, primarily due to higher inventory volumes from the South American harvest[238](index=238&type=chunk) [Other current liabilities](index=50&type=section&id=Other%20current%20liabilities) This section details the changes in Bunge's other current liabilities - Other current liabilities increased by **$155 million** to **$2,983 million** at June 30, 2025, from **$2,828 million** at December 31, 2024, mainly due to higher accrued dividends and liabilities held for sale[239](index=239&type=chunk) [Debt](index=50&type=section&id=Debt) This section provides an overview of Bunge's total debt and its components Total Debt (US$ in millions) | Metric | June 30, 2025 | June 30, 2024 | December 31, 2024 | | :------------------------------------ | :------------ | :------------ | :---------------- | | Short-term debt | $3,535 | $949 | $875 | | Long-term debt, including current portion | $7,734 | $4,091 | $5,363 | | **Total debt** | **$11,269** | **$5,040** | **$6,238** | | Average total debt outstanding (6 months) | $7,263 | $5,132 | $5,480 (Year) | - Total debt increased by **$5,031 million** to **$11,269 million** at June 30, 2025, from **$6,238 million** at December 31, 2024, primarily due to increased short-term borrowings and **$2.3 billion** in term loan borrowings for the Viterra Acquisition[243](index=243&type=chunk) - Bunge's operating companies had **$1,288 million** in short-term borrowings outstanding from local bank lines of credit at June 30, 2025[245](index=245&type=chunk) [Revolving Credit Facilities](index=51&type=section&id=Revolving%20Credit%20Facilities) This section describes Bunge's revolving credit facilities and their utilization Revolving Credit Facilities (US$ in millions) | Facility | Maturities | Committed Capacity (June 30, 2025) | Borrowings Outstanding (June 30, 2025) | | :---------------------------------------- | :--------- | :--------------------------------- | :------------------------------------- | | $1.1 Billion 364-day Revolving Credit Agreement | 2026 | $1,100 | $— | | $3.2 Billion 5-year Revolving Credit Agreement | 2029 | $3,200 | $— | | $3.5 Billion 3-year Revolving Facility Agreement| 2026 | $3,500 | $1,100 | | $865 Million 5-year Revolving Credit Agreement | 2026 | $865 | $— | | **Total** | | **$8,665** | **$1,100** | - At June 30, 2025, Bunge had **$7,565 million** unused and available committed borrowing capacity under its revolving credit facilities[241](index=241&type=chunk) [Commercial Paper Program](index=51&type=section&id=Commercial%20Paper%20Program) This section outlines Bunge's commercial paper program and its associated requirements Commercial Paper Program (US$ in millions) | Program Capacity | June 30, 2025 | Borrowings Outstanding (June 30, 2025) | | :------------------------ | :------------ | :------------------------------------- | | $2 Billion Commercial Paper Program | $2,000 | $1,147 | - The commercial paper program requires Bunge to maintain equivalent unused committed borrowing capacity under its long-term credit facilities[242](index=242&type=chunk) [Registered Senior Notes](index=52&type=section&id=Registered%20Senior%20Notes) This section provides details on Bunge's outstanding registered senior notes BLFC Outstanding Debt Securities (US$ in millions) | Senior Notes Due | Aggregate Principal Amount Outstanding | | :--------------- | :------------------------------------- | | 2025 | $600 | | 2026 | $699 | | 2027 | $598 | | 2028 | $398 | | 2029 | $793 | | 2031 | $993 | | 2034 | $791 | - Subsequent to June 30, 2025, Bunge completed US Exchange Offers, exchanging **$1.92 billion** of Existing USD Viterra Notes for new BLFC notes, and issued **$1.3 billion** in 2025 Senior Notes[248](index=248&type=chunk) - Bunge unconditionally guarantees BLFC's obligations with respect to the BLFC Notes, which are unsecured and unsubordinated[249](index=249&type=chunk) [Credit Ratings](index=52&type=section&id=Credit%20Ratings) This section presents Bunge's credit ratings from major agencies and their outlooks Bunge's Debt Ratings and Outlook (June 30, 2025) | Agency | Short-term Debt | Long-term Debt | Outlook | | :---------------- | :-------------- | :------------- | :---------------- | | Standard & Poor's | A-2 | BBB+ | CreditWatch Positive | | Moody's | P-2 | Baa1 | Stable | | Fitch | F-2 | BBB+ | Stable | - Subsequent to June 30, 2025, Standard & Poor's upgraded Bunge's credit rating to **A-** with a stable outlook, and Moody's and Fitch affirmed their ratings[251](index=251&type=chunk)[256](index=256&type=chunk) - Bunge was in compliance with all financial covenants (minimum current ratio, maximum debt to capitalization ratio, limitations on secured indebtedness) as of June 30, 2025[253](index=253&type=chunk) [Equity](index=53&type=section&id=Equity) This section provides an overview of Bunge's total equity and its components Total Equity (US$ in millions) | Item | June 30, 2025 | December 31, 2024 | | :---------------------------------------- | :------------ | :---------------- | | Total Bunge shareholders' equity | $10,883 | $9,913 | | Noncontrolling interest | $1,012 | $1,032 | | **Total equity** | **$11,895** | **$10,945** | - Total Bunge shareholders' equity increased by **$970 million** to **$10,883 million** at June 30, 2025, driven by net income, favorable foreign exchange translation adjustments, and the sale of a redeemable noncontrolling interest[254](index=254&type=chunk) - Noncontrolling interests decreased due to the acquisition of noncontrolling interest in TGSC, partially offset by capital contributions and foreign exchange translation adjustments[255](index=255&type=chunk) [Share repurchase program](index=54&type=section&id=Share%20repurchase%20program) This section details Bunge's share repurchase program and its activity - Bunge's Board approved an additional **$500 million** for its share repurchase program in November 2024, bringing total authorizations to **$2.7 billion**, with approximately **$800 million** remaining outstanding[257](index=257&type=chunk) - No shares were repurchased during the three and six months ended June 30, 2025[257](index=257&type=chunk) [Cash Flows](index=54&type=section&id=Cash%20Flows) This section summarizes Bunge's cash flow activities for the reporting periods Cash Flow Summary (US$ in millions) | Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------------- | :--------------------------- | :--------------------------- | | Cash provided by (used for) operating activities | $(1,357) | $(480) | | Cash provided by (used for) investing activities | $(102) | $(548) | | Cash provided by (used for) financing activities | $4,938 | $(388) | | Net increase (decrease) in cash and cash equivalents and restricted cash | $3,484 | $(1,422) | - Cash used for operating activities increased to **$1,357 million** for the six months ended June 30, 2025, primarily due to a reduction in net changes in working capital and funds used for secured advances to suppliers[260](index=260&type=chunk) - Cash provided by financing activities increased by **$5,326 million** to **$4,938 million** for the six months ended June 30, 2025, driven by increased net cash proceeds from short and long-term debt for the Viterra Acquisition and working capital[263](index=263&type=chunk) [Off-Balance Sheet Arrangements](index=55&type=section&id=Off-Balance%20Sheet%20Arrangements) This section refers to disclosures regarding Bunge's off-balance sheet arrangements - Details on off-balance sheet arrangements are provided in Note 15 - Commitments and Contingencies[264](index=264&type=chunk) [Dividends](index=55&type=section&id=Dividends) This section provides information on dividends declared and paid to Bunge's shareholders - Shareholders approved a cash dividend distribution of **$2.80 per share**, payable in four equal quarterly installments of **$0.70 per share**, representing a **3%** increase from the previous quarterly dividend[265](index=265&type=chunk) [Critical Accounting Policies and Estimates](index=55&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights Bunge's critical accounting policies and estimates that require significant management judgment - Critical accounting policies and estimates are significant to financial condition and results, requiring significant management judgment, with a complete discussion in the 2024 Annual Report on Form 10-K[266](index=266&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=56&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details Bunge's exposure to various market risks, including commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and inflation [Risk Management](index=56&type=section&id=Risk%20Management) This section outlines Bunge's strategies and framework for managing market risks - Bunge is exposed to changes in agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and inflationary pressures, which are actively monitored and managed[267](index=267&type=chunk) - Derivative instruments are used to manage these exposures, with exposure limits centrally set and monitored under a global governance framework[267](index=267&type=chunk)[268](index=268&type=chunk) [Credit and Counterparty Risk](index=56&type=section&id=Credit%20and%20Counterparty%20Risk) This section describes Bunge's exposure to credit and counterparty risks and its management approach - Bunge is subject to credit and counterparty risks from commercial sales, purchases, and derivative instruments, measured by unpaid accounts receivable and unrealized gains from contracts[269](index=269&type=chunk) - Risk is actively monitored through regular reviews, credit analysis, and global committees, with heightened monitoring during periods of tight credit markets or significant price volatility[269](index=269&type=chunk)[270](index=270&type=chunk) [Commodities Risk](index=56&type=section&id=Commodities%20Risk) This section discusses Bunge's exposure to fluctuations in agricultural commodity prices - Bunge purchases and produces various agricultural commodities, which are subject to price fluctuations due to unpredictable factors, including inflationary pressures[271](index=271&type=chunk) - Derivative contracts are used to manage exposure to adverse price movements, with established policies limiting unhedged fixed price positions[272](index=272&type=chunk) Potential Loss from Hypothetical 10% Adverse Change in Commodity Prices (US$ in millions) | Period | Highest daily aggregated position value | Lowest daily aggregated position value | | :------------------------ | :-------------------------------------- | :------------------------------------- | | Six Months Ended June 30, 2025 | $(48) | $(5) | | Year Ended December 31, 2024 | $(76) | $(41) | [Ocean Freight Risk](index=57&type=section&id=Ocean%20Freight%20Risk) This section addresses Bunge's exposure to volatility in ocean freight costs - Ocean freight costs are a significant portion of operating costs, subject to market price variations based on supply, demand, global economic conditions, and inflation[274](index=274&type=chunk) - Bunge uses financial derivatives, primarily freight forward agreements (FFAs), to hedge portions of its ocean freight costs[274](index=274&type=chunk) [Energy Risk](index=57&type=section&id=Energy%20Risk) This section discusses Bunge's exposure to fluctuations in energy costs - Bunge purchases various energy commodities (electricity, natural gas, bunker fuel) for manufacturing and vessels, which are subject to price risk, including inflationary pressures[275](index=275&type=chunk) - Financial derivatives, including exchange-traded and OTC swaps and options, are used to manage exposure to energy cost volatility[275](index=275&type=chunk) [Currency Risk](index=57&type=section&id=Currency%20Risk) This section outlines Bunge's exposure to foreign currency exchange rate fluctuations - Primary foreign currency exposures include the Brazilian real, Canadian dollar, Euro, and Chinese yuan/renminbi[276](index=276&type=chunk) - Derivative instruments like foreign currency forward contracts, swaps, and options are used to mitigate exchange rate fluctuation risk[276](index=276&type=chunk) - The potential loss in fair value from a hypothetical **10%** adverse change in foreign currency exchange rates as of June 30, 2025, was not material[276](index=276&type=chunk) [Interest Rate Risk](index=57&type=section&id=Interest%20Rate%20Risk) This section describes Bunge's exposure to changes in interest rates on its debt - Bunge is exposed to market risk from changes in interest rates on its fixed and floating rate debt[278](index=278&type=chunk) - A hypothetical **100 basis point** increase or decrease in interest yields on fixed rate debt would result in a less than **1%** change in fair value[279](index=279&type=chunk) - A hypothetical **100 basis point** change in the applicable reference rate (e.g., SOFR) would result in an approximate **$94 million** change in interest expense on variable rate debt at June 30, 2025[280](index=280&type=chunk) [Inflation Risk](index=58&type=section&id=Inflation%20Risk) This section discusses the potential impact of inflation on Bunge's operations and financial results - Inflationary factors increase labor, overhead, and other costs, potentially affecting results of operations and financial position[281](index=281&type=chunk) - Historically, Bunge has recovered inflation impacts through sales price increases, but future ability to do so cannot be reasonably estimated[281](index=281&type=chunk) [Derivative Instruments](index=58&type=section&id=Derivative%20Instruments) This section provides an overview of the types of derivative instruments Bunge uses for risk management - Bunge uses foreign exchange derivatives (forwards, swaps, futures, options) to mitigate currency risk on commercial and balance sheet exposures, and net investment hedges for foreign subsidiaries[282](index=282&type=chunk) - Interest rate swap agreements are used to manage interest rate exposures, with changes in fair value recorded in earnings[284](index=284&type=chunk) - Commodity derivatives (exchange-traded futures, options, OTC transactions) are primarily used to manage exposure to agricultural commodity price movements, with changes in fair values included in Cost of goods sold[285](index=285&type=chunk) - Ocean freight derivatives (FFAs, FFA options) and energy derivatives are used to hedge costs and manage volatility, with fair value changes recorded in Cost of goods sold[286](index=286&type=chunk)[287](index=287&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=59&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) This section addresses the effectiveness of Bunge's disclosure controls and procedures and internal control over financial reporting [Disclosure Controls and Procedures](index=59&type=section&id=Disclosure%20Controls%20and%20Procedures) This section reports on the effectiveness of Bunge's disclosure controls and procedures - As of June 30, 2025, Bunge's Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[290](index=290&type=chunk) [Internal Control Over Financial Reporting](index=59&type=section&id=Internal%20Control%20Over%20Financial%20Reporting) This section discusses the status and any changes to Bunge's internal control over financial reporting - There have been no material changes in Bunge's internal control over financial reporting during the quarter ended June 30, 2025[291](index=291&type=chunk) - Bunge continues initiatives to migrate processes to shared business service models to consolidate back-office functions and standardize financial systems globally, which will align and streamline internal controls[291](index=291&type=chunk) [PART II — INFORMATION](index=60&type=section&id=PART%20II%20%E2%80%94%20INFORMATION) This section provides additional information not covered in the financial statements, including legal proceedings and risk factors [ITEM 1. LEGAL PROCEEDINGS](index=60&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section provides an overview of Bunge's involvement in various legal proceedings, including litigation, claims, investigations, and other matters incidental to its business - Bunge is involved in litigation and claims, primarily non-income tax and labor claims in South America, and other contract, antitrust, and environmental matters[293](index=293&type=chunk) - Management believes the outcome of these proceedings will not have a material adverse effect on Bunge's financial condition, results of operations, or liquidity[293](index=293&type=chunk) - As of June 30, 2025, Bunge has reserved an aggregate of **$26 million** for labor claims and **$204 million** for civil and other claims[294](index=294&type=chunk) [ITEM 1A. RISK FACTORS](index=60&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section directs readers to the comprehensive discussion of risk factors in Bunge's 2024 Annual Report on Form 10-K and this Quarterly Report on Form 10-Q - Readers should refer to 'Item 1A. Risk Factors' in the 2024 Annual Report on Form 10-K and 'Part II — Item 1A. Risk Factors' in this Quarterly Report for a detailed discussion of factors that could materially affect Bunge's business[295](index=295&type=chunk) - The listed risk factors are not exhaustive, and other unknown or currently immaterial risks could also adversely affect the company[295](index=295&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=61&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section states that there were no unregistered sales of equity securities or use of proceeds to report for the period - No unregistered sales of equity securities or use of proceeds to report[296](index=296&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=61&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) This section indicates that there were no defaults upon senior securities during the reporting period - No defaults upon senior securities to report[297](index=297&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=61&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This section states that mine safety disclosures are not applicable to Bunge Global SA - Mine safety disclosures are not applicable[298](index=298&type=chunk) [ITEM 5. OTHER INFORMATION](index=61&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section indicates that there is no other information to report for the period - No other information to report[299](index=299&type=chunk) [ITEM 6. EXHIBITS](index=61&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed or furnished as part of this Quarterly Report on Form 10-Q, including certifications, XBRL taxonomy documents, and the cover page interactive data file [Exhibit Index](index=62&type=section&id=Exhibit%20Index) This index provides a list of all exhibits included in the report - The exhibit index includes certifications from the CEO and CFO (pursuant to Sections 302 and 906 of Sarbanes-Oxley Act), Subsidiary Issuers of Guaranteed Securities, and various XBRL Taxonomy Extension Documents[302](index=302&type=chunk) [Signatures](index=63&type=section&id=Signatures) This section contains the duly authorized signatures of Bunge Global SA's Executive Vice President, Chief Financial Officer, and Controller and Principal Accounting Officer, affirming the filing of the report - The report is signed by John W. Neppl, Executive Vice President, Chief Financial Officer, and J. Matt Simmons, Jr., Controller and Principal Accounting Officer, on August 5, 2025[305](index=305&type=chunk)

Core Insights - Bunge Global SA reported second-quarter 2025 adjusted earnings of $1.31 per share, exceeding the Zacks Consensus Estimate of $1.19 by 10.1%, but reflecting a 24.3% year-over-year decline due to weak segment performance [1][9] - The company completed the acquisition of Viterra, enhancing its global agricultural network, while also selling its U.S. corn milling business to streamline its portfolio [2] - Bunge Global's net sales were $12.8 billion, down 3.6% year-over-year, yet surpassing the Zacks Consensus Estimate of $11.36 billion [2] Financial Performance - The cost of sales was $12 billion, a 4% decrease from the prior year, while gross profit increased by 11% year-over-year to $738 million [3] - Selling and administrative expenses decreased by 7% year-over-year to $418 million, leading to an operating profit of $538 million, a 191% increase from the previous year [3] - Adjusted total segment operating profit fell 28% year-over-year to $293 million, with total segment operating margin contracting by 80 basis points to 2.3% [4] Segment Performance - Agribusiness segment sales declined 5% year-over-year to $9.2 billion, with adjusted operating profit down 22% to $233 million due to lower merchandising and processing results [5] - Refined & Specialty Oils segment sales rose 2% year-over-year to $3.2 billion, but adjusted operating profit dropped 40% to $116 million, impacted by poor performance in North America and Europe [7] - Milling segment sales increased by 2% year-over-year to $409 million, with adjusted operating profit declining by 4% to $27 million [8] Cash Flow and Balance Sheet - Cash used in operating activities was $1.36 billion in the first half of 2025, compared to an outflow of $0.48 billion in the same period last year, primarily due to changes in working capital [10] - Cash and cash equivalents stood at $6.8 billion at the end of Q2 2025, up from $3.3 billion at the end of 2024, while long-term debt increased to $7 billion from $4.7 billion [11] 2025 Outlook - The company maintains its adjusted earnings per share guidance of $7.75 for 2025, indicating a 15.7% year-over-year decline, excluding the impact of the Viterra acquisition [12] Stock Performance - Bunge Global's shares have decreased by 33.4% over the past year, compared to a 20.9% decline in the industry [13]

Core Insights - Bunge Global reported a revenue of $12.77 billion for the quarter ended June 2025, reflecting a decrease of 3.6% year-over-year, but exceeding the Zacks Consensus Estimate by 12.45% [1] - The company's EPS was $1.31, down from $1.73 in the same quarter last year, but it surpassed the consensus estimate of $1.19 by 10.08% [1] Financial Performance Metrics - Agribusiness volumes were reported at 19,274 Kmt, exceeding the average estimate of 17,717.29 Kmt [4] - Milling products volumes were 857 Kmt, slightly below the average estimate of 992.85 Kmt [4] - Refined & Specialty Oils volumes were 2,175 Kmt, slightly below the average estimate of 2,208 Kmt [4] - Net sales to external customers in Agribusiness were $9.17 billion, surpassing the estimated $7.75 billion, but down 5.1% from the previous year [4] - Net sales for Milling products were $409 million, slightly below the estimated $419.12 million, but up 2% year-over-year [4] - Net sales for Refined & Specialty Oils were $3.18 billion, matching the average estimate and reflecting a 1.8% increase from the previous year [4] - Adjusted Segment EBIT for Agribusiness was $233 million, exceeding the estimate of $202.09 million [4] - Adjusted Segment EBIT for Corporate and Other was -$83 million, better than the estimated -$97.9 million [4] - Adjusted Segment EBIT for Milling products was $27 million, slightly above the estimate of $25.74 million [4] - Adjusted Segment EBIT for Refined & Specialty Oils was $116 million, below the estimate of $138.56 million [4] Stock Performance - Bunge Global's shares have returned -4.9% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Financial Data and Key Metrics Changes - The second quarter reported earnings per share (EPS) was $2.61 compared to $0.48 in the same quarter of 2024, reflecting a significant increase [13] - Adjusted EPS was $1.31 in the second quarter versus $1.73 in the prior year, indicating a decrease [14] - Adjusted segment earnings before interest and taxes (EBIT) was $376 million in the quarter compared to $519 million last year [14] - The company maintained its full-year adjusted EPS outlook of approximately $7.75 for the legacy standalone Bunge, excluding the second half earnings from the corn milling business due to its sale [12][22] Business Line Data and Key Metrics Changes - Processing results in South America, particularly Brazil and Argentina, were better than expected due to large soybean crops and farmer selling [11][15] - Fine and Specialty Oils were negatively impacted by uncertainty related to U.S. Biofuel policy, affecting performance across all regions [15] - Milling results improved in North America but were offset by lower results in South America [15] - Corporate expenses decreased primarily due to performance-based compensation [16] Market Data and Key Metrics Changes - Q2 margins in Brazil improved year over year, driven by a record bean crop, while margins in Argentina also showed improvement due to strong farmer selling [31] - In Europe, Q2 margins were good but down slightly from a strong prior year, with expectations of tougher conditions in the second half due to competing imports [33] - Q2 margins in China improved but were still slightly down from the prior year, with expectations for lower margins in the second half [33] Company Strategy and Development Direction - The completion of the combination with Viterra is seen as a pivotal moment, creating a premier agribusiness solutions company [5][10] - The company is focused on capturing cost savings and commercial opportunities post-merger, with a strong emphasis on integration planning [9][10] - The strategy includes ongoing portfolio optimization and leveraging synergies from the merger to enhance operational efficiencies [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong path ahead with the integration of Viterra and the potential for operational synergies [8][26] - The company is navigating a complex macro environment but believes its diversified asset base positions it well to capture value [24][25] - The outlook for 2025 includes expectations for improved processing results, particularly in Q4, driven by better crush margins [22][59] Other Important Information - The company generated $693 million of adjusted funds from operations year to date, with $560 million of discretionary cash flow available after capital expenditures [19] - The adjusted leverage ratio was 1.1 times at the end of the second quarter, indicating a strong liquidity position with $8.7 billion in committed credit facilities [20] - Following the merger with Viterra, S&P upgraded the company's credit rating to A minus, reflecting an improved business risk profile [20] Q&A Session Summary Question: Can you provide details on soy crush performance and outlook? - Management noted that Q2 outperformance was driven by rising vegetable oil values and lower bean costs, with expectations for improved margins in Q4 [30][31] Question: What is the outlook for the SREs and their impact? - Management expects a decision on SREs in August or September, with a belief that the administration understands their potential impact on RVO [35][36] Question: Can you clarify the combined company guidance including Viterra? - Management emphasized the strategic rationale for the merger and expressed confidence in the combined company's ability to navigate market challenges [42][45] Question: What is the outlook for the oil segment? - The oil segment was impacted by lower energy demand and uncertainty around biofuels policy, but management expects improvement in the second half [61] Question: How are the organic investments progressing? - Key projects like Morristown and Destrehan are on track, with commissioning expected in Q4 and early next year [64][66] Question: What is the outlook for the milling side in the U.S.? - Demand for soybean meal remains strong, supported by good economics in the animal protein segment, with North America enhancing export capabilities [70][71] Question: How does the company view the interplay between SBO and other seed oils? - Management sees opportunities in offering a full suite of seed oils to customers, adapting to market demands [86] Question: What are the implications of recent global trade developments? - Management noted that China's actions reflect a focus on food security and a shift towards new import options, indicating a dynamic global market [92][93]

Financial Data and Key Metrics Changes - The second quarter reported earnings per share (EPS) was $2.61 compared to $0.48 in the same quarter of 2024, reflecting a significant increase [13] - Adjusted EPS was $1.31 in the second quarter versus $1.73 in the prior year, indicating a decrease [14] - Adjusted segment earnings before interest and taxes (EBIT) was $376 million in the quarter compared to $519 million last year [14] - The company maintained its full-year adjusted EPS outlook of approximately $7.75 for the legacy standalone Bunge, excluding the second half earnings from the corn milling business due to its sale [12][23] Business Line Data and Key Metrics Changes - Processing results in South America, particularly Brazil and Argentina, were better than expected due to large soybean crops and farmer selling [11] - Fine and Specialty Oils were negatively impacted by uncertainty related to U.S. Biofuel policy [12] - In merchandising, improved performance in global grains and oils was offset by lower results in financial services and ocean freight businesses [15] - Milling results were higher in North America but lower in South America [15] Market Data and Key Metrics Changes - Q2 margins in Brazil improved year over year due to a record bean crop, while Argentina also saw better margins driven by strong farmer selling [32] - In Europe, Q2 margins were good but down slightly from a strong prior year, with expectations of tougher conditions in the second half due to competing imports [34] - In China, Q2 margins improved but were still slightly down from the prior year, with expectations for lower margins in the second half [34] Company Strategy and Development Direction - The completion of the combination with Viterra is seen as a pivotal moment, creating a premier agribusiness solutions company [5] - The company is focused on capturing cost savings and commercial opportunities post-merger, with a strong emphasis on integration planning [6][10] - The strategy includes ongoing portfolio optimization and leveraging a global approach to risk management [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential commercial synergies from the Viterra integration, highlighting the importance of a balanced global footprint [25][26] - The company is navigating a complex macro environment but believes it is well-positioned to serve customers across the value chain [25][26] - The outlook for the second half of the year includes expectations for improved processing margins, particularly in Q4, despite challenges in merchandising and specialty oils [58] Other Important Information - The company generated $693 million of adjusted funds from operations year to date, with $560 million of discretionary cash flow available after capital expenditures [17] - The adjusted leverage ratio was 1.1 times at the end of the second quarter, indicating a strong liquidity position [20] - Following the merger with Viterra, S&P upgraded the company's credit rating to A minus, reflecting an improved business risk profile [21] Q&A Session Summary Question: Soy crush performance and fundamentals outlook - Management noted that Q2 outperformance was driven by rising vegetable oil values and lower bean costs, with expectations for improved margins in Q4 [31][32] Question: Concerns about Viterra earnings base - Management acknowledged challenges during the transition but expressed confidence in the combined company's potential and the strategic rationale behind the merger [42][46] Question: Implications of U.S. crush margins on global markets - Management indicated that the combined company is well-positioned to adapt to changing market conditions and emphasized the importance of a balanced global footprint [52][53] Question: Shareholder returns and buyback plans - The company has $800 million remaining under its $2 billion buyback commitment and plans to execute on this soon [103][105] Question: Outlook for refining margins and competition - Management expects refining margins to moderate over time but believes domestic soybean oil will remain competitive due to supportive policies [76][82]

Bunge Global shares have lost about 1.8% since the beginning of the year versus the S&P 500's gain of 8.3%. What's Next for Bunge Global? While Bunge Global has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quart ...

Forward-Looking Statements • Today's presentation includes forward-looking statements that reflect Bunge's current views with respect to future events, financial performance and industry conditions. Q2 2025 Earnings Results Review July 30, 2025 2 2 • These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the Securities and Exchange Commission concerning factors that could cause actual results to differ materially ...

[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]