BG 10-K & 10-Q changes, risk factors and insider trading

Additionally, the potential physical impacts of climate change are uncertain and may vary by region. These potential effects could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, shifts in agricultural production areas, changing temperature levels, increased frequency or severity of extreme weather events, and climatic volatility. The frequency and severity of the effects of climate change or weather patterns could increase and adversely impact our business operations,operations and the location, costs and competitiveness of global agricultural commodity production and related storage and processing facilities, as well as the supply and demand for agricultural commodities, and may result in incidents of stranded physical assets. These effects could be material to our results of operations, liquidity, or capital resources.

We maintain operations in Ukraine. Ukraine forms part of a key international grain originating region and is also the world’s largest supplier of sunflower seed and sunflower oil, commodities that cannot be completely replaced from other origins. On February 24, 2022, Russia initiated a military offensive in Ukraine. Bunge’s Ukrainian operations at December 31, 2025 comprise twofour oilseed crushing facilities, located in MykolaivMykolaiv, Dnipropetrovsk, Kharkiv, and Dnipropetrovsk,Vinnytsia, a graintwo export terminalterminals in the Mykolaiv commercial seaport, and numerous grain elevators,elevators and anoffices officethroughout in Kiev.Ukraine. The Company also operates a corn milling facility and oilseeda processorgrain export terminal in Ukraine via joint ventures. Assets and operations located in regions affected by the war are at a heightened risk of property damage, inventory loss, business disruption, and expropriation. Further, no material damage has been noted at any of Bunge’s Ukrainian facilities, however, due to safety concerns, it is not always possible to conduct onsite physical inspections of our Ukrainian facilities to understand the full extent of the impact of the war. As of December 31, 2024,2025, total assets and total liabilities associated with Bunge's Ukrainian subsidiaries each comprise less than 3%2% of our consolidated Total assets and Total liabilities, respectively.

Our Ukrainian operations employ approximately 1,000 employees. While as of the date of this Annual Report some of our Ukrainian employees have been forced to relocate to other areas within Ukraine or to other countries, our workforce remains largely intact. The ongoing war could cause additional harm to our employees and otherwise impair their ability to work for extended periods of time, which could have a material adverse effect on our operations. Disruption to the power grid, transportation routes, telecommunications systems, banks, and other critical infrastructure necessary to conduct business in Ukraine could also severely impair our Ukrainian operations. The scope, intensity, duration and outcome of the ongoing war is uncertain, and the continuation or escalation of the war may have a material adverse effect on Bunge’s assets, operations and financial condition.

Although we insure ourselves against many types of risks, including certain risks associated with the ongoing war, our level of insurance may not cover all losses we could incur. There could be a material adverse effect on our business, results of operations and financial condition if we are not able to adequately insure against the possible exposure we could experience as a result of the war. To the extent the current war adversely affects our business, it may also have the effect of heightening many other risks disclosed in this Item 1A, any of which could materially and adversely affect our business and results of operations. Due to the continuously evolving nature of the war, the potential impact that the war could have on these risk factors, and others that cannot yet be identified, remains uncertain. Even if the war moderates, or a resolution between Ukraine and Russia is reached, we expect that we will continue to experience ongoing financial and operational impacts resulting from the war for the foreseeable future as Ukraine rebuilds its economy and infrastructure.

As with any agricultural business enterprise, our business operations are seasonal in nature. For example, in our Agribusiness segment, while there is a degree of seasonality in the growing season and procurement of our principal raw materials, such as oilseedssoybeans, softseeds, and grains, however we typically do not experience material fluctuations in volume between the first and second half of the year since we are geographically diversified between the northern and southern hemispheres. However, the first quarter of the year has generally been our weakest in terms of financial results due to the timing of the North and South American oilseed harvests, as the North American oilseed harvest peaks in the third and fourth quarters, while the South American harvest peaks in the second quarter. This creates price fluctuations, which result in fluctuations in our inventories and a degree of seasonality in our gross profit. In addition, certain of our consumer food products are influenced by holidays and other annual events. Seasonality could have a material adverse effect on our business and financial performance. In addition, our quarterly results may vary as a result of the effects of fluctuations in commodities prices, production yieldsyields, and costs.

Historically, the market for some agricultural commodities and fertilizer products has been cyclical, with periods of high demand and capacity utilization stimulating new plant investment and the addition of incremental processing or production capacity by industry participants to meet the demand. The timing and extent of this expansion may then produce excess supply conditions in the market, which, until the supply/demand balance is again restored, negatively impacts product prices and operating results. During times of reduced market demand, we may suspend or reduce production at some of our facilities. TheIf extentwe are unable to which we efficiently manage available capacity at our facilitiesfacilities, it will affecthave a negative effect on our profitability, including the profitability of our Bunge Chevron Ag Renewables joint venture ("Bunge Chevron JV"). The business and financial performance of the Bunge Chevron JV may be adversely affected if there is a significant decrease in demand for renewable diesel.

Many of the raw materials that we use can be subject to periods of rapid and significant cost instability. In 2024, we experienced fluctuations, both increases and decreases, in our raw material input costs and we expect the pressures of input cost instability to continue. While the Brazilian economy performed more strongly than expected in 2024, interest rates and government deficit levels remain high, which may restrain further economic growth. Argentina has significantly reduced public spending and showed a slowing in inflation under the current President of Argentina’s austerity measures, but the sustainability of these measures and the prospect of economic recovery remains uncertain. Additionally, a slowdown in China's economy over a prolonged period, including as a result of tensions with the west,United States, or other western countries, population decline, the ongoing real estate crisis and other factors, could lead to reduced global demand for agricultural commodities. To the extent that such economic and political conditions negatively impact consumer and business confidence and consumption patterns or volumes, our business and results of operations could be significantly and adversely affected.

•new and developing requirements related to GHG emissions and other climate change initiatives and workforce diversity and inclusion mandates;

•inflation, hyperinflation, and adverse economic effects resulting from governmental attempts to control inflation, such as the imposition of wage and price controls and higher interest rates. For example, while inflation rates in manycertain of the countries in which we operate arehave declined recently, many of the rates currently remain at the highest levels in decades, resulting in tighter monetary policies, including higher interest rates;

In addition, international trade disputes can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions, particularly disputes involving the United States and China. For example, prior trade disputes between the United States and China have ledled, and may in the future lead to, both countries to implement tariffs on imported goods. An implementation of tariffs or additional tariffs on imports of U.S. agricultural products into China could result in the reinstatement or escalation of retaliatory tariffs on U.S. agricultural products by China. This has in the past led, and can in the future lead, to significant volatility in commodity prices, disruptions in historical trade flows and shifts in planting patterns in the United States and South America, which have presented challenges and uncertainties for our business. We cannot predict the impact that future trade policy or negotiated trade agreements could have on our business and operations. Additionally, failure to resolve any trade dispute between the countries may also lead to unexpected operating difficulties, enhanced regulatory scrutiny, greater difficulty transferring funds, and negative currency impacts.

We have been an active acquirer of other companies, including our pendingrecent acquisitionViterra of Viterra.Acquisition. We also have joint ventures with several partners, including the Bunge Chevron JV for manufacturing low lifecycle carbon intensity transportation fuels. Part of our strategy involves acquisitions, alliances and joint ventures designed to expand or optimize our portfolio of businesses. Our ability to benefit from acquisitions, joint ventures, and alliances depends on many factors, including our ability to identify suitable prospects, access funding sources on acceptable terms, negotiate favorable transaction terms, and successfully consummate and integrate any businesses we acquire. In addition, we proactively review our portfolio of businesses in order to identify opportunities to enhance shareholder value and may decide as a result of such reviews or otherwise, from time to time, to divest certain of our assets or businesses by selling them or entering into joint ventures, such as the divestiture of our 50% ownership share in BP Bunge Bioenergia in October 2024 and the pending divestiture of 40% of our Spanish operating subsidiary BungeBISA Ibericain SA.March 2025. Our ability to successfully complete a divestiture will depend on, among other things, our ability to identify buyers that are prepared to acquire such assets or businesses on acceptable terms and to adjust and optimize our retained businesses following the divestiture.

Acquisitions also pose the risk that we may be exposed to successor liability relating to actions by an acquired company and its management before the acquisition. The due diligence we conduct in connection with an acquisition, the controls and policies we implement at acquired companies, and any contractual guarantees or indemnities that we receive from the sellers of acquired companies, may not be sufficient to protect us from, or compensate us for, actual liabilities. A material liability associated with an acquisition could adversely affect our reputation and results of operations and reduce the benefits of the acquisition. Additionally, acquisitions involve other risks, such as differing levels of management and internal control effectiveness at the acquired entities, systems integration risks, the risk of impairment charges relating to goodwill and intangible assets recorded in connection with acquisitions, the risk of significant accounting charges and expenses resulting from the completion and integration of a sizable acquisition, the need to fund increased capital expenditures and working capital requirements, our ability to retain and motivate employees of acquired entities, compliance and reputational risks and other unanticipated problems and liabilities. See the risk factors under the sectionssection entitled "Risks Relating to the Pending Viterra Acquisition" and "Risks Relating to the Combined Company Following our Acquisition of Viterra" under this Item 1A for additional discussions on our pendingrecent acquisitionAcquisition of Viterra.

Divestitures may also expose us to potential liabilities or claims for indemnification, as we may be required to retain certain liabilities or indemnify buyers for certain matters, including legal, environmental, or litigation matters associated with the assets or businesses that we sell. For example, we agreed to indemnify BPthe buyer against future losses associated with certain legal claims in connection with the divestiture of BP Bunge Bioenergia. In connection with the sale of our Russian operations in 2023, we agreed to indemnify the buyer against certain existing legal claims related to the business. The magnitude of any such retained liability or indemnification obligation may be difficult to quantify at the time of the transaction and its cost to us could ultimately exceed the proceeds we receive for the divested assets or businesses. Divestitures also have other inherent risks, including possible delays in closing transactions (including potential difficulties in obtaining regulatory approvals), the risk of lower-than-expected sales proceeds for the divested businesses and unexpected costs or other difficulties associated with the separation of the businesses to be sold from our information technology systems and other management processes, including the loss of key personnel. Further, expected cost savings or other anticipated efficiencies or benefits from divestitures may also be difficult to achieve or maximize.

We are subject to food and feed industry risks which include, but are not limited to, spoilage, contamination, tampering or other adulteration of products, product liability claims, and recalls. We are also subject to shifts in customer and consumer preferences, and concerns regarding the outbreak of disease associated with livestock and poultry, including avian or swine influenza. Also, increasinga focus on climate change, deforestation, water, animal welfare and human rights concerns, and other risks associated with the global food system has led to, and may in the future lead to increased activism focusing on food companies and their suppliers, governmental intervention and consumer responses. These risks could adversely affect our, or our suppliers’, reputations and businesses and our ability to procure the materials we need to operate our business.

As a company whose products comprise staple food and feed products sold globally, as well as ingredients included in trusted food brands of our customers, maintaining a good corporate reputation is critical to our continued success. Reputational value is based in large part on perceptions, which can shift rapidly in response to negative incidents. The failure or alleged failure to maintain high standards for quality, safety, integrity, environmental sustainabilitysustainability, employee rights, and social responsibility, including with respect to raw materials and services obtained from suppliers, even if untrue, may result in tangible effects, such as reduced demand for our products, disruptions to our operations, increased costs and a loss of market share to competitors. Our reputation and results of operations could also be adversely impacted by changing consumer preferences and perceptions relating to some of the products we sell, such as with regard to the quantity and type of fats, sugars, and grains consumed, asthe wellchanging asperception of the benefits of seed oils, and concerns regarding genetically modified crops. Failure to anticipate, adapt or respond effectively to these trends or issues may result in material adverse effects on our business, financial condition, and results of operations.

Due to our global business operations, we are required to comply with numerous laws and regulations in the countries in which we operate. These laws and regulations include general business regulations, such as with respect to taxes, accounting, anti-corruption and fair competition, trade sanctions, product safety, and environmental matters, as well as those governing the manufacturing, production, handling, storage, transport, marketing and sale of our products. TheseWe includeare also required to comply with laws and regulations relating to facility licensing and permitting, food and feed safety, the handling and production of regulated substances, nutritional and labeling requirements, global trade compliance and other matters. Our operations and those of our suppliers are also subject to restrictions on land use in certain protected areas, forestry reserve requirements, and limitations on water use. In addition to liabilities arising out of our current and future operations for which we have ongoing processes to manage compliance with regulatory obligations, we may be subject to environmental liabilities for past operations at current facilities and in some cases to liabilities for past operations at facilities that we no longer own or operate. We may also be subject to liabilities for operations of acquired companies. Our industrial activities can also result in serious accidents that could result in personal injuries, facility shutdowns, reputational harm to our business and/or the expenditure of significant amounts to remediate safety issues or repair damaged facilities. We may incur material costs or liabilities to comply with environmental, health and safety requirements. Any failure to comply with applicable laws and regulations may subject us to substantial fines, administrative sanctions, criminal penalties, revocations of operating permits and/or shutdowns of our facilities, litigation, and other liabilities, as well as damage to our reputation.

In addition, continued government and public emphasis in countries in which we operate on environmental issues, including climate change, conservation and natural resource management, have resulted in and could result in new or more stringent forms of regulatory oversight or other limitations on the agricultural industry, including increased environmental controls, land-use restrictions affecting us or our suppliers and other conditions that could have a material adverse effect on our business, reputation, financial condition and results of operations. For example, certain aspects of our business and the larger food production chain generate carbon emissions. A number of jurisdictions in which we operate have implemented or are in the process of implementing carbon pricing programs or regulations to reduce GHG emissions, including, but not limited to, the United States, Canada, Mexico, the European Union and its member states, and China. For example, the EUDR, which becomes effective in December 30, 20252026 requires companies trading in certain commodities, including palm oil and soy, as well as products derived from these commodities, to ensure these commodities and related products do not result from deforestation, forest degradation, or breaches of local laws after December 31, 2020 in order to sell such products in the European Union. The imposition of regulatory restrictions related to GHG emissions and conservation in many markets in which we operate, which may include limitations on GHG emissions, national emission reduction plans, requirements to make additional investments to modify our facilities, equipment and processes, other restrictions on industrial operations, taxes or fees on GHG emissions, and other measures, could affect land-use decisions, the cost of agricultural production and the cost and means of processing and transporting our products, which could adversely affect our business, cash flows, and results of operations. We are also subject to a number of ESGsustainability disclosure frameworks, such as the CSRD in the European Union, and the Swiss non-financial reporting requirements and child labor due diligence and transparency, and the California Climate Accountability Package, and as certain regulators increasingly focus on climate change and other sustainability matters, we may become subject to new, more stringent ESGsustainability disclosure frameworks. See "Item 1. Business-Government Regulation."

The expansion of our business and pursuit of acquisitions or other business opportunities also may require access to significant amounts of capital. In connection with the Acquisition of Viterra, we incurred a substantial amount of indebtedness, including assuming indebtedness of Viterra. If we are unable to generate sufficient cash flows or raise sufficient external financing on attractive terms to fund these activities, including as a result of a tightening in the global credit markets, we may be forced to limit our operations and growth plans, which may adversely impact our competitiveness and, therefore, our results of operations. At December 31, 2024,2025, Bunge had $5,665$9,065 million unused and available committed borrowing capacity comprising committed revolving credit facilities with a number of financial institutions and we expect to have $3,000 million of additional committed borrowing capacity upon the completion of the Acquisition, resulting in anticipated capacity of $8,665 million upon the completion of the Acquisition.institutions. At December 31, 2024,2025, our total debt balance was $6,238$14,051 million.million, which is a higher balance compared to recent years as a result of the Viterra Acquisition. Our debt levels could limit our ability to obtain additional financing, limit our flexibility in planning for, or reacting to, changes in the markets in which we compete, place us at a competitive disadvantage compared to our competitors that are less leveraged than we are, and require us to dedicate more cash on a relative basis to servicing our debt and less to developing our business. This may limit our ability to run our business and use our resources in the manner in which we would like. Furthermore, difficult conditions in global credit or financial markets, including increases in interest rates and diminished liquidity and credit availability, generally could increase the cost to finance our operations, adversely impact our ability to refinance maturing debt or the cost or other terms of such refinancing, or adversely affect the financial position of the lenders with whom we do business, which may reduce our ability to obtain financing for our operations. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources."

We rely on certain key information technology systems, some of which are dependent on services provided by third parties, to provide critical data and services for internal and external users, including procurement and inventory management, transaction processing, financial, commercial and operational data, human resources management, legal and tax compliance, and other information and processes necessary to operate and manage our business. If we or our third-party service providers do not respond or perform effectively in connection with a cybersecurity breachincident or system failure, our business may be impacted.

Increased global cybersecurity vulnerabilities, threats and more sophisticated and targeted cybersecurity attacks pose a potentially significant risk to the security of our information technology systems, networks and services, as well as the confidentiality, availability and integrity of our data and the confidential data of our employees, customers, suppliers and other third parties that we may hold. Such vulnerabilities include, among other things, social engineering threats and more sophisticated computer crime, including advanced persistent threats, zero-day vulnerability exploits, and cyberattacks utilizing emerging technologies, such as artificial intelligence ("AI") and machine learning. We have historically and may in the future incur significant costs in protecting against potential security breaches, cyber-based attacks, or other cybersecurity incidents. We and our third-party service providers are targeted by malicious actors and expect such incidents to continue and the frequency and severity of such attacks to increase. Additionally, while we have agreements with many of the third-party service providers weregarding relythe restrictions and limitations on their use of our data in generative AI forapplications, there is a variety of purposes that increases the risk that our sensitive and proprietary data could be inadvertently or maliciously exposed.exposed by these service providers. While we have implemented cybersecurity and data protection measures, our efforts to minimize the risks and impacts of cyberattacks and protect our information technology systems may be insufficient and we may experience significant breaches or other failures or disruptions that could compromise our systems and the information we store and, ultimately, affect our business operations and results of operations. Additionally, hybrid or remote work arrangements among our employees and employees of our third-party providers present additional operational risks to our information technology systems, including, but not limited to, increased risks of cyberattacks and security breaches. We are also exposed to the risk of insider threat attacks. New technology that could result in greater operational efficiency, such as the rapid development and increased adoption of AI technology, may further expose our computer systems to the risk of cyberattacks, and may create the need for rapid modifications to our cybersecurity program.program to mitigate those risks.

We have implemented security policies, training programs, measures and disaster recovery plans designed to prevent, detect and mitigate cyber-based attacks, and to protect the security and continuity of our networks and critical systems. We use encryption and authentication technologies designed to secure the transmission and storage of data and prevent access to Companyour data and user data or accounts. In addition, we also conduct tests and assessments using independent third parties on a regular basis. We have also implemented data security measures on the use of generative AI, including blocking external generative AI tools within our IT environment and the rollout of an internal generative AI tool that does not share our data or train internal or external AI models. These measures, however, may not adequately prevent adverse events such as breaches or failures from occurring, or mitigate their severity if they do occur.

If our information technology systems are breached, damaged or fail to function properly due to any number of causes, such as security breaches or cyber-based attacks, systems implementation difficulties, catastrophic events or power outages, and our security, contingency disaster recovery, or other risk mitigation plans do not effectively mitigate these occurrences on a timely basis, we may experience a material disruption in our ability to manage our business operations and produce financial reports, as well as significant costs and lost business opportunities until they are remediated. Further, our sensitive information related to our employees and clients may be compromised and we may suffer representationalreputational harm. While we have insurance coverage designed to address certain aspects of cybersecurity risks in place, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise, and we cannot be certain that insurance coverage will continue to be available to us on acceptable terms, or at all.

Swiss law allows Bunge Global’s shareholders to authorize the Board to issue shares without additional shareholder approval,approval. butUnder Bunge Global's current Articles of Association, this authorization is limited to (i) 50%approximately 16% of Bunge Global’s stated share capitalcapital, representing up to 33,632,445 new shares (among other things, thefor issuancepurposes of issuing shares in connection with an acquisition or tofor raiseraising new equity capital, subject to compliance with shareholders' preemptive rights, unless withdrawn for the reasons specified in the Articles of Association) (the "capital band"), and (ii) anapproximately additional 20%15% of Bunge Global’s stated share capital for the issuance of up to 19,371,537 new shares in connection with convertible or similar financial instruments and up to 12,914,357 new shares in connection with our equity incentive plans (the "conditional share capital"). The Board's authority to issue shares based on the capital band mustwill beexpire renewedon October 19, 2028 unless a renewal is approved by the shareholders every five years.shareholders. The Articles of AssociationAssociation, provides foras a part of the capital band authorizingprovision, further authorizes the Board to issue up to 86,861,666 new shares or to cancel or reduce the par value of up to 26,138,96479,368,185 shares (including to cancel shares repurchased under Bunge Global's share repurchase program) up until October 19, 2028. After October 19, 2028, the capital band will only be available to the Board for issuance or cancellation of registered shares if a renewed authorization is approved by shareholders.

Additionally, Swiss law grants existing shareholders preemptive rights to subscribe for newly issued shares and advance subscription rights to subscribe for convertible and similar financial instruments. Preemptive rights and advance subscription rights may be limited or withdrawn only for valid reasons. In connection with share issuances based on the capital band and the conditional share capital, the preemptive rights and the advance subscription rights may only be limited or withdrawn for the reasons specified in the ArticleArticles of Association.

Under current Swiss law, distributions made out of qualifying capital contribution reserves recognized by the Swiss Federal Tax Administration or made in the form of a par value reduction are not subject to Swiss withholding tax. However, there can be no assurances that the Swiss withholding rules will not be changed in the future or that shareholders will approve a distribution out of qualifying capital contribution reserves recognized by the Swiss Federal Tax Administration or a reduction in par value for distributions. Further, over the long term,long-term, the amount of par value and qualifying contribution reserves available for Bunge Global may be limited. If Bunge Global is unable to make a distribution out of qualifying capital contribution reserves or through a reduction in par value, then any dividend distributions paid by Bunge Global will generally be subject to a Swiss withholding tax at a rate of 35%. The withholding tax must be withheld from the gross distribution and paid to the Swiss Federal Tax Administration. A U.S. holder that qualifies for benefits under the Convention between the United States of America and the Swiss Confederation for the Avoidance of Double Taxation with Respect to Taxes on Income, which we refer to as the "U.S.-Swiss Treaty," may apply for a refund of the tax withheld in excess of the 15% treaty rate (or for a full refund in case of qualified pension funds). Switzerland currently has concluded more than 70 tax treaties with the same treatment regarding the refund of Swiss withholding taxes.

Under current Swiss law, repurchases of shares for the purposes of capital reduction are treated as a partial liquidation subject to 35% Swiss withholding tax on the difference between the par value plus qualifying capital contributions reserves and the repurchase price. Over the long term,long-term, the amount of par value and qualifying contribution reserves available for Bunge Global may be limited. Bunge Global may follow a share repurchase process for future share repurchases, if any, whereby Swiss institutional investors purchase Bunge Global shares from you and then sell the shares to Bunge Global and apply for a refund of the Swiss withholding tax. However, if Bunge Global is unable to use this process successfully, Bunge Global may not be able to repurchase shares for the purposes of capital reduction without subjecting you to Swiss withholding taxes.

Bunge Global SA, a Swiss company, together with its subsidiaries, is a leading globalpremier agribusiness andsolutions foodcompany, companyconnecting with integrated operations that stretch from farmerfarmers to consumer.consumers and delivering essential food, feed and fuel to the world. The commodity nature of the Company's principal products, as well as regional and global supply and demand variations that occur as an inherent part of the business, make volumes an important operating measure. Accordingly, information is included in "Segment Overview and Results of Operations" that summarizes certain items in our consolidated statements of income and volumes by reportable segment. The common unit of measure for all reported volumes is metric tons.

In the Agribusiness segment, we purchase, store, transport, process, and sell agricultural commodities and commodity products. Profitability in thisour segmentreportable segments is affected by the availability and market prices of agricultural commoditiescommodities, including oilseeds and processed commodity productsgrains, and the availability and costs of energy, transportation, and logistics services. Profitability in our processing and refining operations is also impacted by volumes procured, processed, refined, and sold and by capacity utilization rates. Availability of agricultural commodities is affected by many factors, including weather, farmer planting and selling decisions, plant diseases, governmental policies, and agricultural sector economic conditions. Reported Processing volumes comprise oilseed volumes crushed (processed) during a period, which approximate sales volumes to third parties during the same period. Reported Merchandising volumes represent sales volumes to third-party customers.

Demand for our purchased and processed Agribusinessagricultural commodity products is affected by many factors, including global and regional economic and political conditions, changes in per capita income, the financial condition of our customers and their access to credit, worldwide consumption of food products, particularly pork and poultry, population growth rates, relative prices of substitute agricultural products, outbreaks of disease associated with livestock and poultry, and demand for renewable fuels produced from agricultural commodities and commodity products.

We expect that the factors described above will continue to affect global supply and demand for our Agribusinessagricultural commodity products for the foreseeable future. We also expect that, from time to time, imbalances will likely exist between oilseed processing and refining capacity and demand for oilseed products in certain regions, which impacts our decisions regarding whether, when, and where to purchase, store, transport, processprocess, or sell these commodities, including whether to change the location of or adjust our own oilseed processing and refining capacity.

Additionally, price fluctuations and availability of agricultural commodities may cause fluctuations in our working capital, reflected in the level of inventories, accounts receivable, and outstanding borrowings over the course of a given year. For example, increased availability of commodities at harvest times often causes fluctuations in our inventories and borrowings. Increases in agricultural commodity prices will also generally cause our cash flow requirements to increase as our operations require increased use of cash and associated borrowings to acquire inventories and fund daily settlement requirements on exchange-traded futures that we use to hedge our physical inventories.

Viterra Acquisition

As a Swiss corporation, we are subject to corporate income tax at federal, cantonal, and communal levels on our Swiss income. Qualifying net dividend income and net capital gains on the sale of qualifying investments in subsidiaries are effectively exempt from federal, cantonal, and communal corporate income tax. Consequently, we expect dividends from our subsidiaries and capital gains from sales of investments in our subsidiaries to be exempt from Swiss corporate income tax. In addition, our subsidiaries, which operate in multiple tax jurisdictions, are subject to income taxes at various statutory rates ranging from 0% to 35%. The jurisdictions that significantly impact our effective tax rate are Argentina, Brazil, Canada,the SwitzerlandNetherlands, Switzerland, and the United States. Determination of taxable income requires the interpretation of related and often complex tax laws and regulations in each jurisdiction in which we operate, and the use of estimates and assumptions regarding future events.

Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate segmentthe operating performance of Bunge’s Core reportable segments, Non-core reportable segments,segments and Total reportable segments together with Corporate and Other.Other Coreactivities. Segment EBIT is the aggregate of the EBIT of each of Bunge’s Agribusiness,Soybean RefinedProcessing and SpecialtyRefining, Oils,Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments. Non-core Segment EBIT is the EBIT of Bunge’s Sugar & Bioenergy reportable segment. Total EBIT is the aggregate of the EBIT of Bunge’s Core and Non-core reportable segments, together with Corporate and Other.Other activities. Bunge’s management believes Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of the performance of its segments without regard to financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income attributable to Bunge,Bunge shareholders, the most directly comparable U.S. GAAP financial measure. Further, Total EBIT excludes EBIT attributable to noncontrolling interests and EBIT attributable to discontinued operations and is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Net income attributable to Bunge shareholders to Total EBIT below.

Net Income Attributable to Bunge Shareholders - For the year ended December 31, 2024,2025, Net income attributable to Bunge shareholders was $1,137$816 million, a decrease of $1,106$321 million compared to a Net income attributable to Bunge shareholders of $2,243$1,137 million for the year ended December 31, 2023.2024. The decrease was primarily due to lower CoreCorporate and Other EBIT as well as higher net interest expense due to increased debt levels to finance the Viterra Acquisition, partially offset by higher Segment EBIT, as further discussed in the Segment Overview &and Results of Operations section below, partially offset byand lower income tax expense as discussed further below.

Net Income Attributable to Bunge Shareholders - Earnings Per Share - Diluted - For the year ended December 31, 2024,2025, Net income attributable to Bunge shareholders - diluted, was $7.99$4.91 per share, a decrease of $6.88$3.08 per share, compared to $14.87$7.99 per share for the year ended December 31, 2023.2024. The decrease is primarily due to lower Net income attributable to Bunge shareholders discussed above, as well as dilution from the issuance of registered shares as part of the Viterra Acquisition.

Total EBIT - For the year ended December 31, 2024,2025, Total EBIT was $1,792$1,533 million, a decrease of $1,541$259 million compared to Total EBIT of $3,333$1,792 million for the year ended December 31, 2023.2024. The decrease in Total EBIT for the year ended December 31, 20242025 was primarily due to lower CoreCorporate and Other EBIT, resulting from higher SG&A expense and a reduction in Other income - net due to the settlement of one of the Company’s U.S. defined benefit pension plans, an impairment charge related to certain long-term investments, and the absence of a prior year gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia. This decrease was partially offset by higher Segment EBIT, resulting primarily from lowerhigher gross profitresults in our AgribusinessSoybean segment,Processing asand furtherRefining discussedsegment and a gain on the sale of Bunge's North America corn milling business recognized in theour Grain Merchandising and Milling segment. The Segment Overview and Results of Operations section below, and which alsobelow provides further details, as well as, a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.

Income Tax Expense - Income tax expense was $288 million for the year ended December 31, 2025 compared to income tax expense of $336 million for the year ended December 31, 2024 compared to income tax expense of $714 million for the year ended December 31, 2023.2024. The decrease in income tax expense for the year ended December 31, 20242025 was primarily due to lower pre-tax income and earningsa mix.net benefit on various outstanding tax matters. See Note 14- Income Taxes to our consolidated financial statements.

Liquidity and Capital Resources – At December 31, 2024,2025, working capital, which equals Total current assets less Total current liabilities, was $8,523$9,264 million, aan decreaseincrease of $140$741 million, compared to working capital of $8,663$8,523 million at December 31, 2023.2024. The decreaseincrease in working capital was primarily due to a higher Current portion of long-term debt balance, lower Inventories and lowerInventories, Trade accounts receivables, net,and Other current assets, partially offset by lowerhigher Short-term debt, Trade accounts payablepayable, balancesOther current liabilities, and higherlower Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below.

OurAs described in "Factors Affecting Operating Results", our operations are organized, managed, and classified into four reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. We further organize these reportable segments into Core operations and Non-core operations. CoreReportable operations comprise our Agribusiness,Soybean RefinedProcessing and SpecialtyRefining, Oils,Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments. Non-core operations comprise our Sugar & Bioenergy reportable segment, which itself primarily comprised the Company’s 50% interest in the net earnings of BP Bunge Bioenergia, a joint venture with BP p.l.c. See Note 2- Acquisitions and Dispositions for details regarding Bunge's disposition of its 50% interest in BP Bunge Bioenergia.

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

CoreReportable Segments

FirstSecond Quarter 2026 Overview

You should refer to "Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting Operating Results" in our Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of key factors affecting operating results in each of our business segments. In addition, you should refer to "Item 9A, Controls and Procedures" in our Annual Report on Form 10-K for the year ended December 31, 2025, and to "Item 4, Controls and Procedures" in this Quarterly Report on Form 10-Q for the period ended MarchJune 31,30, 2026, for a discussion of our internal controls over financial reporting.

This section is inclusive of the results of operations of Viterra from the date of Acquisition. Therefore, results attributable to Viterra are not included in the condensed consolidated statementstatements of income for the three and six months ended MarchJune 31,30, 2025. As such, the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances discussed throughout this section.

Net Incomeincome (Lossloss) Attributableattributable to Bunge Shareholdersshareholders - For the three months ended MarchJune 31,30, 2026, Net income attributable to Bunge shareholders was $68$678 million, aan decreaseincrease of $133$324 million compared to $201$354 million, for the three months ended MarchJune 31,30, 2025. For the six months ended June 30, 2026, Net income attributable to Bunge shareholders was $746 million, an increase of $191 million, compared to $555 million for the six months ended June 30, 2025. The decreaseincrease for the three and six months ended MarchJune 31,30, 2026, was primarily due to lowerhigher Segment EBIT andpartially offset by lower Corporate and Other EBIT, as further discussed in the Segment Results section below. In addition,Further, the decreaseincrease iswas duepartially tooffset by higher net interest expense as a result of increased debt levels to finance the Viterra Acquisition, partiallyas offsetwell byas anhigher income tax benefit recorded in the current period compared to an expense in the prior period,expense, as further described in the Consolidated Results of Operations section below.

Net income (loss) attributable to Bunge shareholders - Earnings per share - Diluteddiluted - For the three months ended MarchJune 31,30, 2026, Net income attributable to Bunge shareholders - diluted, was $0.35$3.47 per share, aan decreaseincrease of $1.13$0.86 per share, compared to $1.48$2.61 per share for the three months ended MarchJune 31,30, 2025. For the six months ended June 30, 2026, Net income attributable to Bunge shareholders - diluted, was $3.81 per share, a decrease of $0.29 per share, compared to income of $4.10 per share for the six months ended June 30, 2025. The decreaseincrease isfor the three months ended June 30, 2026 was primarily due to lowerhigher Net income attributable to Bunge shareholders discussed above, aspartially welloffset asby dilution from the issuance of registered shares as part of the Viterra Acquisition. The decrease for the six months ended June 30, 2026 is primarily due to dilution from the issuance of registered shares as part of the Viterra Acquisition, partially offset by higher Net income attributable to Bunge shareholders discussed above.

Total EBIT - For the three months ended MarchJune 31,30, 2026, Total EBIT was $184$1,060 million, aan decreaseincrease of $144$522 million compared to $328$538 million for the three months ended MarchJune 31,30, 2025. For the six months ended June 30, 2026, Total EBIT was $1,244 million, an increase of $378 million compared to Total EBIT of $866 million for the six months ended June 30, 2025. The decreaseincrease in Total EBIT for the three and six months ended MarchJune 31,30, 2026, was primarily due to lowerhigher Segment EBIT, resulting primarily from more favorable results in our Soybean Processing and Refining and Softseed Processing and Refining segments, partially offset by less favorable results in our Grain Merchandising and Milling and Soybean Processingsegment and Refining segments, as well as lower Corporate and Other EBIT, resulting from higher Selling, general and administrative expense. These decreases were partially offset by more favorable results in our Tropical Oils and Specialty Ingredients segment.expenses. The Segment Overview section below provides further details as well as a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.

Liquidity and Capital Resources – At MarchJune 31,30, 2026, working capital, which equals Total current assets less Total current liabilities, was $10,154$9,481 million, ana increasedecrease of $1,316$1,580 million, compared to working capital of $8,838$11,061 million at MarchJune 31,30, 2025, and an increase of $890$217 million, compared to working capital of $9,264 million at December 31, 2025. The increasedecrease in working capital at MarchJune 31,30, 2026, compared to MarchJune 31,30, 2025, was primarily due to elevated Cash and cash equivalents balances in the prior year in preparation for closing the Viterra Acquisition early in the third quarter of 2025, higher InventoriesTrade accounts payable, and Other current assets,liabilities, partially offset by lower Cash and cash equivalent balances and higher Trade accounts payable and Other current liabilities.Inventories. The increase in working capital at MarchJune 31,30, 2026, compared to December 31, 2025, was primarily due to higher Inventories, partially offset by higher TradeShort-term accounts payable anddebt, Other current liabilities, and lower Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below.

Net Salessales – Net sales increased 88%, to $21,861$24,041 million for the three months ended MarchJune 31,30, 2026. See Segment Results section below for further discussion.

Cost of goods sold - Cost of goods sold increased 91%,86%, to $21,095$22,360 million for the three months ended MarchJune 31,30, 2026. The increase in Cost of goods sold was primarily due to higher Net sales aspartially welloffset as overallby more unfavorablefavorable mark-to-market results in the current period.

Selling, general, and administrative expenses - Selling, general, and administrative expenses increased 40%,45%, to $531$606 million for the three months ended MarchJune 31,30, 2026. The increase is primarily due to increased labor costs as a result of the Viterra Acquisition.

Interest - Interest income decreased 24%,7%, to $45$43 million for the three months ended MarchJune 31,30, 2026. Interest expense increased 74%,86%, to $181$197 million for the three months ended MarchJune 31,30, 2026. Lower interest income is the result of lower average balances in Cash and cash equivalents, partially offset by higher balances in other short-term investments related to funding strategies in Argentina.equivalents. Higher Interest expense is a result of higher debt levels, driven by the financing of the Viterra Acquisition, partially offset by lower average net interest rates.

Foreign exchange gains (losses) gains – net - Foreign exchange gains (losses) – net decreased 476%,159%, to a loss of $94$26 million for the three months ended MarchJune 31,30, 2026. The net loss in the current quarter primarily reflects losses on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations and the impact of hedging costs attributable to monetary assets in South America, as well as net losses in Europe on U.S. dollar-denominated loans payable and net U.S. dollar-denominated monetary liabilities in non-U.S. dollar functional currency operations as a result of a stronger U.S. dollar.America.

IncomeOther Tax (Expense) Benefit - Income taxincome (expense) benefit- net - Other income (expense) - net decreased 118%79% to ana income tax benefitgain of $14$39 million for the three months ended MarchJune 31,30, 2026. The income tax benefit for the three months ended March 31, 2026decrease was primarily due to taxthe benefitsabsence inof Southa America,$155 asmillion wellprior asyear lowergain pre-taxon incomethe insale 2026.of Bunge's North America corn milling business.

Effective in the third quarter of 2025, we changed our reportable segments to align with our new value chain operational structure as a result of the completion of the Acquisition of Viterra. Additionally, during the first quarter of 2026, the Other Oilseeds Processing and Refining segment was renamed to Tropical Oils and Specialty Ingredients. The segment name change had no impact on the composition of the Company’s existing four reportable segments, nor to the Company’s previously reported segment results or the consolidated financial statements. See Note 19-19 - Segment Information to our condensed consolidated financial statements.

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

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

Soybean Processing and Refining segment Net sales increased 43%56%, to $9,552$12,071 million for the three months ended MarchJune 31,30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher volumes of soybeans merchandised in Brazil,our legacy businesses across most regions, especially due to higherbetter farmer selling, and increased processed volumesselling in NorthSouth America as a result of the current market environment.America. The increase is also attributable to higher prices across all regions due to strong global demand fromdue higher global energy prices as a result of uncertainty fromto the conflict with Iran, as well as biofuel mandates in North America.

Segment EBIT decreasedincreased 23%75%, to $209$804 million for the three months ended MarchJune 31,30, 2026. The net decreaseincrease was primarily driven by lowerhigher results in our North America, Argentina, and global soybean processing businesses in Brazil and North America due to unfavorablea more favorable processing environment and more favorable mark-to-market results,results. asThe wellincrease asis partially offset by foreign currency losses recognized in the current yearquarter dueon toU.S. thedollar-denominated impactloans ofpayable hedgingin costsnon-U.S. attributabledollar tofunctional monetarycurrency assetsoperations in South America. The decreases above were partially offset by improved results in our soybean processing business in Argentina.

Softseed Processing and Refining segment Net sales increased 158%167%, to $3,904$4,095 million for the three months ended MarchJune 31,30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to higher average sales prices inacross mostall regions duedriven toby strong demand from higherglobal biofuel mandates, elevated global energy prices as a result of uncertainty from the conflict with Iran, as well as biofuelsustained mandatesexport inmeal Northand America.seeds Indemand. addition, globalGlobal sun oil prices were also higher duedriven toby elevated demand amid tight global supply following limited supplycrop fromavailability in the Black Sea.Sea Thereand Europe. Softseeds processed were also higher processed volumes of oilseeds in Argentina and Europe, partially driven by increased activity in Ukraine as a result of the acquisition of an oilseed crush facility from Varthomio completed in the fourth quarter of 2025.

Segment EBIT decreasedincreased 7%1,337%, to $76$273 million for the three months ended MarchJune 31,30, 2026. The net decreaseincrease was primarily due to lower results in our North America business due to unfavorable mark-to-market results, partially offset by improved results across all other regions due to strong demand that drove higher prices as described above.above, as well as more favorable mark-to-market results in the current period.

Tropical Oils and Specialty Ingredients segment Net sales increased 13%9%, to $1,228$1,259 million for the three months ended MarchJune 31,30, 2026. The increase was primarily due to higher salesprices driven by higher commodity prices in our tropical oils business due to risingstronger vegetable oil demand and global biofuel mandates. To a lesser extent, higher prices were also attributable to elevated global vegetable oil prices resulting from the conflict with Iran,Iran. asVolumes wellwere asalso stronger demand resulting from global biofuel mandates.higher.

Segment EBIT increaseddecreased 2100%140%, to $110a loss of $24 million for the three months ended MarchJune 31,30, 2026. The increasedecrease was primarily due to favorable mark-to-marketlower results in our tropical oils business,business asdriven wellby asmore higherunfavorable Netmark-to-market sales as described above.results.

Grain Merchandising and Milling segment Net sales increased 201%183%, to $7,177$6,614 million for the three months ended MarchJune 31,30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra. In addition, volumes in our global corn business increased driven by a strong cornethanol harvestdemand and increased farmer selling in North AmericaAmerica. Volumes and increased demand. Volumesprices in our global wheat businessand alsowheat milling businesses increased due to higher supply and demand across various regions. The above increases were partially offset by the lack of recurring sales from our North American corn milling business that was divested in the second quarter of 2025, as well as sales price decreases acrossin mostour businesses.global corn business.

Corporate and Other EBIT decreased 78%,41%, to a loss of $135$166 million for the three months ended MarchJune 31,30, 2026. The decrease was primarily driven by an increase in Selling, general and administrative expenseexpenses as a result of the Viterra Acquisition and the timing of performance-based compensation.Acquisition. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $35 million, and $32$38 million for three months ended MarchJune 31,30, 2026, and MarchJune 31,30, 2025, respectively. Other income (expense) - net also decreased driven by a $15 million cash benefit received in the three months ended March 31, 2025 related a prior investment in affiliate.

(1) Comprises Time deposits under trade structured finance program, Assets held for sale, and Other current assets (2) Comprises Letter of credit obligations under trade structured finance program, Liabilities held for sale, and Other current liabilities (3) Working capital is defined as Total current assets less Total current liabilities; Current ratio represents Total current assets divided by Total current liabilities Working capital was $10,154$9,481 million at MarchJune 31,30, 2026, an increase of $890$217 million from working capital of $9,264 million at December 31, 2025, and ana increasedecrease of $1,316$1,580 million from working capital of $8,838$11,061 million at MarchJune 31,30, 2025.

Cash and Cash Equivalents - Cash and cash equivalents were $839$593 million at MarchJune 31,30, 2026, a decrease of $296$542 million from $1,135 million at December 31, 2025, and a decrease of $2,406$6,197 million from $3,245$6,790 million at MarchJune 31,30, 2025. The significant decrease from June 30, 2025 is due to an accumulation of Cash and cash equivalents levels in the prior period in preparation for closing of the Viterra Acquisition that occurred early in the third quarter of 2025. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, commercial paper programs with highly-ratedhighly rated institutions, and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for further details regarding the factors giving rise to the change in Cash and cash equivalents during the threesix months ended MarchJune 31,30, 2026.

Trade accounts receivable, net - Trade accounts receivable, net were $3,975$3,931 million at MarchJune 31,30, 2026, an increase of $105$61 million from $3,870 million at December 31, 2025, and an increase of $1,641$1,673 million from $2,334$2,258 million at MarchJune 31,30, 2025. The increase from December 31, 2025 was primarily due to higher average sales prices occurring later in the current period, driven by factors described in the Segment Overview section above, as well as timing of collections in North America, which waswere partially offset by higher receivables sold into our securitization program. The increase from MarchJune 31,30, 2025 was primarily due to an increase ofin receivables outstanding as of MarchJune 31,30, 2026 from the Acquisition of Viterra andas well as increased Net sales in the current period driven by factors described in the Segment Overview section above.above, which were partially offset by higher receivables sold into our securitization program.

Inventories - Inventories were $15,428$15,461 million at MarchJune 31,30, 2026, an increase of $2,230$2,263 million from $13,198 million at December 31, 2025, and an increase of $7,611$7,447 million from $7,817$8,014 million at MarchJune 31,30, 2025. The increase from December 31, 2025 was primarily due to increased soybean volumes in conjunction with the timing of the South American harvest, as well as higher prices on certainmost commodities. The increase from MarchJune 31,30, 2025 was primarily due to increased inventory balances from the Acquisition of Viterra and higher average prices on most commodities.

RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, softseeds, softseed oil, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value was $13,428$13,311 million, $11,361 million, and $6,499$6,657 million at MarchJune 31,30, 2026, December 31, 2025, and MarchJune 31,30, 2025, respectively (see Note 5-5 - Inventories to our condensed consolidated financial statements).

Trade accounts payable - Trade accounts payable were $6,176$5,370 million at MarchJune 31,30, 2026, an increase of $1,295$489 million from $4,881 million at December 31, 2025, and an increase of $2,345$2,476 million from $3,831$2,894 million at MarchJune 31,30, 2025. The increase from December 31, 2025 was primarily due to higher inventory volumes in conjunction with the South American harvest and higher average commodity prices, partially offset by the timing of payments in North America. The increase from MarchJune 31,30, 2025 was primarily due to an increase in payables outstanding as of March 31, 2026 from the Acquisition of Viterra, as well as higher average commodity prices in the current period.

Other current liabilities - Other current liabilities were $5,657$5,074 million at MarchJune 31,30, 2026, an increase of $1,130$547 million from $4,527 million at December 31, 2025, and an increase of $3,241$2,091 million from $2,416$2,983 million at MarchJune 31,30, 2025. The increase from December 31, 2025 was primarily due to an increase in unrealized losses on derivativesderivative contracts as a result of volatile commodity prices,prices and higher accrued dividends (see Note 17 - Equity to our condensed consolidated financial statements), partially offset by lower accrued liabilities as a result of variable compensation plan payments, lower time deposits under the trade structured finance program, and lower accruedadvances dividendson (seesales Notedriven 17by -timing Equityof toreceipts ourin condensedNorth consolidated financial statements).America. The increase from MarchJune 31,30, 2025 was primarily due to an increase of Other current liabilities as of March 31, 2026 from the Acquisition of Viterra, as well as an increase in unrealized losses on derivativesderivative contracts as a result of volatile commodity prices and overall higher advancesaccrued on sales.dividends.

As highlighted in Note 13-13 - Debt and discussed further below, we utilize a variety of debt financing structures to maintain financial flexibility to meet our various financial objectives.

Revolving Credit Facilities — At MarchJune 31,30, 2026, we had $9,665$8,835 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities. The following table summarizes these facilities as of the periods presented:

Our total debt was $14,553$15,214 million at MarchJune 31,30, 2026, an increase of $502$1,163 million from $14,051 million at December 31, 2025, and an increase of $7,836$3,945 million from $6,717$11,269 million at MarchJune 31,30, 2025. The higher total debt level at MarchJune 31,30, 2026, compared to December 31, 2025 was primarily due to an increase in short-term borrowings as described above and an increase in long-term debt, including the current portion, resultingdue fromto the issuance of two tranches of senior notes ("2026 Senior Notes") for an aggregate principal amount of $1.2 billion in March 2026, partially offset by athe decreaserepayment of $575 million of senior notes in short-termApril borrowings as described above.2026. The higher total debt levels compared to MarchJune 31,30, 2025 were primarilydue dueto an increase in short-term borrowings as described above and an increase in long-term debt, including current portion, resulting from the issuance of the 2026 Senior Notes, as well as the issuance of two tranches of senior notes for an aggregate principleprincipal amount of $1.3 billion in August 2025, and borrowings outstanding of $1.3 billion on term loans due in 2028 drawn in June 2025 to finance the Viterra Acquisition.2025. In addition, long-term debt, including current portion,debt includes senior notes outstanding as of MarchJune 31,30, 2026 assumedobtained as part offrom the Acquisition of Viterra. The increase is partially offset by repayments of $1 billion in term loans and $600 million of senior notes in September 2025. See Note 13-13 - Debt to our condensed consolidated financial statements for further information.

From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. There were $1,080 million and $900 million borrowings outstanding under these bilateral short-term credit lines at MarchJune 31,30, 2026 and December 31, 2025, respectively. No borrowings were outstanding as of June 30, 2025. The increase in the current period is primarily to support working capital requirements.

In addition, Bunge's operating companies had $2,115$2,114 million, $2,083 million, and $1,328$1,288 million in short-term borrowings outstanding from local bank facilities at MarchJune 31,30, 2026, December 31, 2025, and MarchJune 31,30, 2025, respectively, to support working capital requirements. The outstanding borrowings as of MarchJune 31,30, 2026 and December 31, 2025 include short-term borrowings from local bank facilities as a result of the Acquisition of Viterra.