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What changed in Bunge Global's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Bunge Global's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+821 added−805 removedSource: 10-K (2026-02-19) vs 10-K (2025-02-20)

Top changes in Bunge Global's 2025 10-K

821 paragraphs added · 805 removed · 574 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

316 edited+134 added−117 removed161 unchanged
Biggest changeAs of, and for the year ended, December 31, 2024 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Bioenergy Eliminations Total Reportable Segments Corporate & Other Total Bunge Consolidated Net sales to external customers $ 38,598 $ 12,771 $ 1,555 $ 130 $ — $ 53,054 $ 54 $ 53,108 Inter–segment revenues 7,299 251 85 — (7,635) — — — Raw materials cost (34,978) (10,582) (1,096) (127) — (46,783) (34) (46,817) Industrial expenses- fixed (941) (542) (171) — — (1,654) (22) (1,676) Industrial expenses- variable (522) (226) (38) — — (786) (4) (790) Depreciation (243) (134) (32) — — (409) (23) (432) Cost of goods sold (36,684) (11,484) (1,337) (127) — (49,632) (83) (49,715) Selling, general and administrative expenses (603) (416) (97) (2) — (1,118) (658) (1,776) Foreign exchange (losses) gains – net (171) (20) (3) — — (194) 5 (189) EBIT - Noncontrolling interests (1) (9) (35) — — — (44) 4 (40) Other income (expense) – net 226 (57) (6) 196 — 359 83 442 (Loss) income from affiliates (56) — (1) 18 — (39) 1 (38) EBIT (2) 1,301 759 111 215 — 2,386 (594) 1,792 Total depreciation, depletion and amortization (243) (167) (35) — — (445) (23) (468) Total assets 14,961 4,145 914 130 — 20,150 4,749 24,899 Capital expenditures 763 340 44 — — 1,147 229 1,376 F-66 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) As of, and for the year ended, December 31, 2023 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Bioenergy Eliminations Total Reportable Segments Corporate & Other Total Bunge Consolidated Net sales to external customers $ 42,764 $ 14,603 $ 1,896 $ 235 $ — $ 59,498 $ 42 $ 59,540 Inter–segment revenues 8,360 176 175 — (8,711) — — — Raw materials cost (37,695) (12,346) (1,494) (229) — (51,764) (5) (51,769) Industrial expenses- fixed (950) (511) (161) — — (1,622) (29) (1,651) Industrial expenses- variable (581) (254) (43) — — (878) (4) (882) Depreciation (217) (123) (31) — — (371) (22) (393) Cost of goods sold (39,443) (13,234) (1,729) (229) — (54,635) (60) (54,695) Selling, general and administrative expenses (592) (425) (95) (1) — (1,113) (602) (1,715) Foreign exchange gains – net — 7 1 — — 8 12 20 EBIT - Noncontrolling interests (1) (70) (21) 1 — — (90) 4 (86) Other income (expense) – net 126 (65) (7) 2 — 56 73 129 Income (loss) from affiliates 1 — (1) 157 — 157 (17) 140 EBIT (3) 2,786 865 66 164 — 3,881 (548) 3,333 Depreciation, depletion and amortization (217) (179) (33) — — (429) (22) (451) Total assets 16,000 3,969 984 471 — 21,424 3,948 25,372 Capital expenditures 551 429 45 — — 1,025 97 1,122 As of, and for the year ended, December 31, 2022 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Bioenergy Eliminations Total Reportable Segments Corporate & Other Total Bunge Consolidated Net sales to external customers $ 47,700 $ 16,850 $ 2,388 $ 259 $ — $ 67,197 $ 35 $ 67,232 Inter–segment revenues 10,200 306 564 — (11,070) — — — Raw materials cost (43,715) (14,784) (1,884) (250) — (60,633) (20) (60,653) Industrial expenses- fixed (844) (531) (166) — — (1,541) (21) (1,562) Industrial expenses- variable (649) (266) (48) — — (963) (3) (966) Depreciation (202) (111) (30) — — (343) (26) (369) Cost of goods sold (45,410) (15,692) (2,128) (250) — (63,480) (70) (63,550) Selling, general and administrative expenses (532) (357) (102) (1) — (992) (377) (1,369) Foreign exchange gains (losses) – net 2 (14) 4 2 — (6) (5) (11) EBIT - Noncontrolling interests (1) (45) (12) (1) — — (58) (9) (67) Other (expense) income – net (67) (29) 1 2 — (93) 84 (9) Income (loss) from affiliates 67 — — 93 — 160 (55) 105 EBIT (4) 1,715 746 162 105 — 2,728 (397) 2,331 Depreciation, depletion and amortization (203) (146) (32) — — (381) (27) (408) Total assets 16,486 3,886 1,195 334 — 21,901 2,679 24,580 Capital expenditures 312 169 30 — — 511 44 555 F-67 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) (1) Includes Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes.
Biggest changeThe segment revenues generated from these transfers are shown in the following table as "Inter-segment revenues." F-71 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) As of, and for the year ended, December 31, 2025 (US$ in millions) Soybean Processing and Refining Softseed Processing and Refining Other Oilseeds Processing and Refining Grain Merchandising and Milling Eliminations Total Reportable Segments Corporate & Other Total Bunge Consolidated Net sales to external customers $ 36,313 $ 11,252 $ 4,633 $ 18,128 $ — $ 70,326 $ 3 $ 70,329 Inter–segment revenues 661 1,442 335 1,796 (4,234) — — Raw materials cost (32,852) (9,844) (3,786) (16,856) — 12 (63,326) Industrial expenses- fixed (925) (387) (287) (432) — (6) (2,037) Industrial expenses- variable (507) (219) (105) (69) — — (900) Depreciation (264) (125) (78) (163) — (27) (657) Selling, general and administrative expenses (552) (212) (231) (391) — (727) (2,113) Other segment items (1) 12 56 (28) 248 — (51) 237 EBIT 1,225 521 118 465 — 2,329 (796) 1,533 Total depreciation, depletion and amortization (265) (125) (110) (176) — (676) (27) (703) Income (loss) from affiliates 22 (5) — 11 — 28 (2) 26 Total assets 16,345 7,649 3,805 14,104 — 41,903 2,625 44,528 Capital expenditures 790 108 611 183 — 1,692 31 1,723 As of, and for the year ended, December 31, 2024 (US$ in millions) Soybean Processing and Refining Softseed Processing and Refining Other Oilseeds Processing and Refining Grain Merchandising and Milling Eliminations Total Reportable Segments Corporate & Other Total Bunge Consolidated Net sales to external customers $ 31,930 $ 6,951 $ 4,151 $ 10,073 $ — $ 53,105 $ 3 $ 53,108 Inter–segment revenues 824 918 334 1,568 (3,644) — — Raw materials cost (29,030) (5,559) (3,151) (9,075) — (2) (46,817) Industrial expenses- fixed (847) (286) (268) (268) — (7) (1,676) Industrial expenses- variable (453) (174) (110) (53) — — (790) Depreciation (186) (78) (84) (62) — (22) (432) Selling, general and administrative expenses (465) (146) (254) (261) — (650) (1,776) Other segment items (1) (77) (45) (68) 54 — 311 175 EBIT 872 663 216 408 — 2,159 (367) 1,792 Depreciation, depletion and amortization (187) (78) (116) (65) — (446) (22) (468) (Loss) income from affiliates (51) — 1 (7) — (57) 19 (38) Total assets 10,109 2,638 3,182 4,483 — 20,412 4,487 24,899 Capital expenditures 632 111 454 144 — 1,341 35 1,376 F-72 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) As of, and for the year ended, December 31, 2023 (US$ in millions) Soybean Processing and Refining Softseed Processing and Refining Other Oilseeds Processing and Refining Grain Merchandising and Milling Eliminations Total Reportable Segments Corporate & Other Total Bunge Consolidated Net sales to external customers $ 36,147 $ 7,736 $ 4,237 $ 11,415 $ — $ 59,535 $ 5 $ 59,540 Inter–segment revenues 1,099 1,021 277 1,204 (3,601) — — Raw materials cost (31,907) (5,948) (3,380) (10,557) — 23 (51,769) Industrial expenses- fixed (844) (302) (250) (237) — (18) (1,651) Industrial expenses- variable (498) (206) (121) (57) — — (882) Depreciation (165) (70) (78) (59) — (21) (393) Selling, general and administrative expenses (452) (146) (278) (251) — (588) (1,715) Other segment items (1) (59) 10 (36) 47 — 241 203 EBIT 2,222 1,074 94 301 — 3,691 (358) 3,333 Depreciation, depletion and amortization (165) (71) (133) (61) — (430) (21) (451) (Loss) income from affiliates (9) 2 (17) 7 — (17) 157 140 Total assets 11,310 2,681 2,711 4,437 — 21,139 4,233 25,372 Capital expenditures 423 142 411 121 — 1,097 25 1,122 (1) Other segment items for each reportable segment includes Foreign exchange (losses) gains – net, Other income – net, Income (loss) from affiliates, and EBIT – Noncontrolling interests, which includes Net income attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes.
The resulting exchange gain or loss is included in Bunge's consolidated statements of income as Foreign exchange gains (losses) - net unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is neither planned nor anticipated in the foreseeable future, in which case the remeasurement gain or loss is reported as a component of Accumulated other comprehensive loss in Bunge's consolidated balance sheets.
The resulting exchange gain or loss is included in Bunge's consolidated statements of income as Foreign exchange (losses) gains — net unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is neither planned nor anticipated in the foreseeable future, in which case the remeasurement gain or loss is reported as a component of Accumulated other comprehensive loss in Bunge's consolidated balance sheets.
Under this guidance, a class of receivables is considered impaired, based on current information and events, if Bunge determines it probable that all amounts due under the original terms of the receivable will not be collected.
Under this guidance, a class of receivables is considered impaired, based on current information and events, if Bunge determines it is probable that all amounts due under the original terms of the receivable will not be collected.
Senior Notes - On September 17, 2024, Bunge completed the sale and issuance of (i) $400 million aggregate principal amount of 4.100% senior notes due 2028, (ii) $800 million aggregate principal amount of 4.200% senior notes due 2029, and (iii) $800 million aggregate principal amount of 4.650% senior notes due 2034.
Senior Notes - On September 17, 2024, Bunge completed the sale and issuance of (i) $400 million aggregate principal amount of 4.100% senior notes due 2028, (ii) $800 million aggregate principal amount of 4.200% senior notes due 2029, and (iii) $800 million aggregate principal amount of 4.650% senior notes due 2034 ("Senior Notes").
Plan Settlements — On June 30, 2023, the Company approved a one-time lump sum offering to participants in certain of Bunge's defined benefit North American pension plans who had separated from the Company as of December 31, 2022 and whose benefits in the plan had fully vested. The respective payments were substantially completed during September 2023.
On June 30, 2023, the Company approved a one-time lump sum offering to participants in certain of Bunge's defined benefit North American pension plans who had separated from the Company as of December 31, 2022 and whose benefits in the plan had fully vested. The respective payments were substantially completed during September 2023.
Indemnitie s—Bunge has issued or was a party to the following indemnities at December 31, 2024: On October 1, 2024, Bunge agreed to indemnify the buyer in relation to the sale of its ownership interest in BP Bunge Bioenergia against future losses associated with certain legal claims as defined in the share purchase agreement.
Indemnitie s—Bunge has issued or was a party to the following indemnities at December 31, 2025: On October 1, 2024, Bunge agreed to indemnify the buyer in relation to the sale of its ownership interest in BP Bunge Bioenergia against future losses associated with certain legal claims as defined in the share purchase agreement.
The Program includes sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance relative to certain sustainability targets, including, but not limited to, science-based targets ("SBTs") that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025.
The Program includes sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance relative to certain sustainability targets, including, but not limited to, science-based targets that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025.
(3) The year ended December 31, 2023 included the release of cumulative translation adjustments upon the disposition of all of its Russian operations of $103 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2022 (see Note 2- Acquisitions and Dispositions ).
(2) The year ended December 31, 2023 included the release of cumulative translation adjustments upon the disposition of all of its Russian operations of $103 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2022 (see Note 2- Acquisitions and Dispositions ).
The Program provides for funding of up to $1.5 billion and from time to time with the consent of the administrative agent, Bunge may request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $1 billion pursuant to an accordion provision.
The Program provides for funding of up to $1.5 billion and from time to time with the consent of the administrative agent, Bunge may request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $1 billion pursuant to an accordion provision under the Program.
The payments, which were paid from plan assets as settlement of respective benefit obligations, resulted in a $22 million decrease in benefit obligations and the reclassification of an unamortized gain of less than $1 million from Accumulated other comprehensive loss, which was recorded in Other income (expense) - net on the consolidated statements of income.
The payments, which were paid from plan assets as settlement of respective benefit obligations, resulted in a $22 million decrease in benefit obligations and the reclassification of an unamortized gain of less than $1 million from Accumulated other comprehensive loss, which was recorded in Other income - net on the consolidated statements of income.
Inventories —Readily marketable inventories ("RMI") are agricultural commodity inventories, primarily including soybeans, soybean meal, soybean oil, corn, softseeds and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets, and international pricing mechanisms. All of Bunge's RMI are recorded at fair value.
Inventories —Readily marketable inventories ("RMI") are agricultural commodity inventories, primarily including 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. All of Bunge's RMI are recorded at fair value.
The Company uses derivative instruments referred to as forward freight agreements ("FFA") and FFA options to hedge portions of its current and anticipated ocean freight costs. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The Company uses energy derivative instruments to manage its exposure to volatility in energy costs.
The Company uses derivative instruments referred to as forward freight agreements ("FFAs") and FFA options to hedge portions of its current and anticipated ocean freight costs. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The Company uses energy derivative instruments to manage its exposure to volatility in energy costs.
The Company may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives to manage exposure to credit risk and broader macroeconomic risks, respectively. The impact of changes in fair value of these instruments is presented in Cost of goods sold.
The Company may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives to manage its exposure to credit risk and broader macroeconomic risks, respectively. The impact of changes in fair value of these instruments is presented in Cost of goods sold.
Share Repurchase Program — On November 13, 2024, Bunge Global SA's Board approved the expansion of an existing share repurchase program by an additional $500 million bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term.
Share Repurchase Program — On November 13, 2024, Bunge Global SA's Board of Directors approved the expansion of an existing share repurchase program by an additional $500 million bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term.
Leases with an initial term of more than 12 months are recognized on the balance sheet as right-of-use assets (Operating lease assets) and lease liabilities for the obligation to make payments under such leases (Current operating lease obligations and Non-current operating lease obligations).
Leases with an initial term of more than 12 months are recognized on the consolidated balance sheet as right-of-use assets (Operating lease assets) and lease liabilities for the obligation to make payments under such leases (Current operating lease obligations and Non-current operating lease obligations).
Bunge considers various factors in determining whether to recognize an impairment charge, including the length of time the fair value of the investment is expected to be below its carrying value, the financial condition, operating performance and near-term prospects of the affiliate, and Bunge's intent and ability to hold the F-16 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) investment for a period of time sufficient to allow for recovery of the fair value (see Note 10- Impairments and Note 11- Investments in Affiliates and Variable Interest Entities ).
Bunge considers various factors in determining whether to recognize an impairment charge, including the length of time the fair value of the investment is expected to be below its carrying value, the financial condition, operating performance and near-term prospects of the affiliate, and Bunge's intent and ability to hold the F-17 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) investment for a period of time sufficient to allow for recovery of the fair value (see Note 10- Impairments and Note 11- Investments in Affiliates and Variable Interest Entities ).
Service cost is included in the same income statement line item as other compensation costs arising from services rendered during the period, while the other components of net periodic benefit pension cost are presented separately in Other (expense) income- net.
Service cost is included in the same income statement line item as other compensation costs arising from services rendered during the period, while the other components of net periodic benefit pension cost are presented separately in Other income- net.
For the year ended December 31, 2023, Net income attributable to Bunge included $12 million of expense (net of $5 million in tax benefit) and Net income attributable to noncontrolling interests and redeemable noncontrolling interests included $3 million of expense (net of $1 million in tax benefit) related to accelerated amortization. 10.
For the year ended December 31, 2023, Net income attributable to Bunge included $12 million of expense (net of $5 million in tax benefit) and Net income attributable to noncontrolling interests and redeemable noncontrolling interests included $3 million of expense (net of $1 million in tax benefit) related to accelerated amortization.
The transaction close resulted in a pretax gain on sale of $195 million, which was recorded within Other income (expense) - net, in the consolidated statement of income for the year ended December 31, 2024.
The transaction close resulted in a pretax gain on sale of $195 million, which was recorded within Other income - net, in the consolidated statement of income for the year ended December 31, 2024.
As further described in Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies , the Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts F-69 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) with Customers (ASC 606).
As further described in Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies , the Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts F-74 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) with Customers (ASC 606).
F-14 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Level 2 Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
F-15 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Level 2 Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Performance of that analysis requires the exercise of judgment. The primary beneficiary analysis must be continually reassessed and requires the exercise of judgement. VIE assessments are revisited upon the occurrence of relevant reconsideration events.
Performance of that analysis requires the exercise of judgment. The primary beneficiary analysis must be continually reassessed and requires the exercise of judgment. VIE assessments are revisited upon the occurrence of relevant reconsideration events.
The Company’s CODM is the chief executive officer. Total reportable segment earnings before interest and taxes ("EBIT") is the key operating performance measure utilized by the CODM to evaluate reportable segment operating activities and performance.
The Company’s CODM is the chief executive officer. Reportable segment earnings before interest and taxes ("EBIT") is the key operating performance measure utilized by the CODM to evaluate reportable segment operating activities and performance.
Debt F-15 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) trading securities and all equity securities are recorded at fair value and are bought and held principally for selling them in the near term and therefore held for only a short period of time, with all gains (losses) included in Net income.
Debt F-16 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) trading securities and all equity securities are recorded at fair value and are bought and held principally for selling them in the near term and therefore held for only a short period of time, with all gains (losses) included in Net income.
In connection with the transaction, Bunge has agreed to indemnify BP against future losses associated with certain legal claims as defined in the share purchase agreement . As a consequence, Bunge recognized a liability of $95 million in accordance with ASC 460, Guarantees and ASC 450, Contingencies . See Note 20- Commitments and Contingencies for more information.
In connection with the transaction, Bunge has agreed to indemnify BP against future losses associated with certain legal claims as defined in the share purchase agreement. As a consequence, Bunge recognized a liability of $95 million upon transaction close in accordance with ASC 460, Guarantees and ASC 450, Contingencies . See Note 20- Commitments and Contingencies for more information.
Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of up to five years. Additionally, from time to time, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available.
Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of up to ten years. Additionally, from time to time, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available.
The following table presents the values of the assets and liabilities associated with the above listed VIEs in which Bunge is considered the primary beneficiary to the extent included in Bunge’s consolidated balance sheet as of December 31, 2024 and 2023. All amounts exclude intercompany balances, which have been eliminated upon consolidation.
The following table presents the values of the assets and liabilities associated with the above listed VIEs in which Bunge is considered the primary beneficiary to the extent included in Bunge’s consolidated balance sheet as of December 31, 2025 and 2024. All amounts exclude intercompany balances, which have been eliminated upon consolidation.
(2) Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2025 through 2029.
(2) Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2026 through 2029.
At December 31, 2024, and December 31, 2023, Bunge recognized a $12 million and $13 million reduction to Other current liabilities, respectively, in the consolidated balance sheets related to benefits not yet realized. Clean energy —Bunge receives cash grants from a governmental agency from the sale of clean energy.
At December 31, 2025, and December 31, 2024, Bunge recognized a $13 million and $12 million reduction to Other current liabilities, respectively, in the consolidated balance sheets related to benefits not yet realized. Clean energy —Bunge receives cash grants from a governmental agency from the sale of clean energy.
As of December 31, 2024, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable.
As of December 31, 2025, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable.
Bunge also retains ownership of a population of unsold receivables. BSBV agrees to guaranty the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s consolidated statements of cash flows.
BSBV also retains ownership of a population of unsold receivables. BSBV agrees to guarantee the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s consolidated statements of cash flows.
Year Ended December 31, 2024 (US$ in millions) Readily Marketable Inventories (2) Derivatives, Net Trade Accounts Payable Total Balance, January 1, 2024 $ 662 $ 71 $ (232) $ 501 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 645 (59) 15 601 Purchases 1,704 — (444) 1,260 Sales (2,341) — — (2,341) Settlements — — 607 607 Transfers into Level 3 1,507 26 (238) 1,295 Transfers out of Level 3 (1,576) (6) 156 (1,426) Translation adjustment (182) (2) 74 (110) Balance, December 31, 2024 $ 419 $ 30 $ (62) $ 387 (1) Readily marketa ble inventori es, derivatives, net, and trade accounts payable include gains/(losses) of $591 million, $(42) million, and $11 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2024.
Year Ended December 31, 2024 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Accounts Payable Total Balance, January 1, 2024 $ 662 $ 71 $ (232) $ 501 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 645 (59) 15 601 Purchases 1,704 — (444) 1,260 Sales (2,341) — — (2,341) Settlements — — 607 607 Transfers into Level 3 1,507 26 (238) 1,295 Transfers out of Level 3 (1,576) (6) 156 (1,426) Translation Adjustment (182) (2) 74 (110) Balance, December 31, 2024 $ 419 $ 30 $ (62) $ 387 (1) Readily marketable inventories, derivatives, net, and trade accounts payable, include gains/(losses) of $591 million, $(42) million, and $11 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2024. 16.
The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's consolidated balance sheets as of December 31, 2024, and 2023 are included in Note 16- Derivative Instruments and Hedging Activities .
The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's consolidated balance sheets as of December 31, 2025, and 2024 are included in Note 16- Derivative Instruments and Hedging Activities .
The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the years ended December 31, 2024, 2023, and 2022. 4.
The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the years ended December 31, 2025, 2024, and 2023. 4.
However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period the uncertainties are resolved should the liability substantially exceed the F-56 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) amount of provisions included in the consolidated balance sheets.
However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved F-61 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) should the liability substantially exceed the amount of provisions included in the consolidated balance sheets.
Concurrently with the US Exchange Offers, BLFC successfully solicited consents, on behalf of VFBV, and VFBV amended the respective indentures governing the Existing USD Viterra Notes on September 23, 2024 to, among other things, eliminate certain of the covenants, restrictive provisions and events of default, and modify or amend certain other provisions, including unconditionally releasing and discharging the guarantees by each of Viterra and Viterra B.V.
Concurrently with the US Exchange Offers, BLFC successfully solicited consents, on behalf of VFBV, and VFBV amended the respective indentures governing the Existing USD Viterra Notes to, among other things, eliminate certain of the covenants, restrictive provisions and events of default, and modify or amend certain other provisions, including unconditionally releasing and discharging the guarantees by each of Viterra and Viterra B.V.
The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2034. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees.
The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2041. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees.
Critical estimates in the determination of fair value under the income approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, profitability, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment.
Critical estimates in the determination of fair value under the income approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, gross profit, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment.
At both December 31, 2024 and 2023, Bunge has recognized a $9 million obligation related to this indemnity within Other non-current liabilities and has maximum potential future payments of $235 million.
At both December 31, 2025 and 2024, Bunge has recognized a $9 million obligation related to this indemnity within Other non-current liabilities and has maximum potential future payments of $235 million.
As a result, the sum of the quarterly earnings per share for the years ended December 31, 2024 and 2023 may not equal the total computed for the year. See Note 23- Earnings per Share for further details.
As a result, the sum of the quarterly earnings per share for the years ended December 31, 2025 and 2024 may not equal the total computed for the year. See Note 23- Earnings per Share for further details.
Restrictions on TBRSUs are based on continued service by the recipient through the designated term. Restrictions on PBRSUs are based on the achievement of certain performance targets, including earnings per share, return on invested capital, and relative total shareholder return, with the number of PBRSUs earned varying based on the level of achievement against these performance targets.
Restrictions on TBRSUs and PBRSUs are based on continued service by the recipient through the designated term. In addition, PBRSUs have restrictions based on the achievement of certain performance targets, including earnings per share, return on invested capital, and relative total shareholder return, with the number of PBRSUs earned varying based on the level of achievement against these performance targets.
Cash, Cash Equivalents, Restricted Cash, and Cash held for sale —Cash and cash equivalents include time deposits and readily marketable securities with original maturity dates of three months or less at the time of acquisition. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.
Cash, Cash Equivalents, and Restricted Cash —Cash and cash equivalents include time deposits and readily marketable securities with original maturity dates of three months or less at the time of acquisition. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.
CJ Latam and Selecta Share Purchase Agreement On October 10, 2023, Bunge entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A.
CJ Latam and Selecta Share Purchase Agreement On October 10, 2023, Bunge entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund (collectively, "CJ") to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A. (collectively, “CJ Selecta”).
Bunge is the primary beneficiary due to a de facto agent relationship with the equity owner of TGSC and has consolidated the entity since the third quarter of 2023.
Bunge was the primary beneficiary due to a de facto agent relationship with the equity owner of TGSC and has consolidated the entity since the third quarter of 2023.
Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR is not significant as of December 31, 2024, and 2023.
Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current assets, or Other current liabilities, including any unrealized gain or loss on changes in SOFR, is not significant as of December 31, 2025, and 2024.
Recoverable Taxes —Recoverable taxes include value-added taxes paid upon the acquisition of raw materials and taxable services and other transactional taxes, which can be recovered in cash or as compensation against income taxes or other taxes owed by Bunge, primarily in Brazil and Europe.
Recoverable Taxes —Recoverable taxes include value-added taxes paid upon the acquisition of raw materials and taxable services and other transactional taxes, which can be recovered in cash or as compensation against income taxes or other taxes owed by Bunge, primarily in South America and Europe.
Dividends on registered shares —We paid cash dividends to shareholders as follows: Year Ended December 31, 2024 2023 2022 Dividends paid per share $ 2.7025 $ 2.575 $ 2.30 Dividend distributions occurring after the Redomestication are at the discretion of the Board of Directors and the approval of shareholders at a general meeting in accordance with Swiss law.
Dividends on registered shares —We paid cash dividends to shareholders as follows: Year Ended December 31, 2025 2024 2023 Dividends paid per share $ 2.78 $ 2.7025 $ 2.575 Dividend distributions occurring after the Redomestication are at the discretion of the Board of Directors and the approval of shareholders at a general meeting in accordance with Swiss law.
Interest earned on secured advances to suppliers of $25 million , $25 million, and $22 million, for the years ended December 31, 2024, 2023, and 2022, respectively, is included in Net sales in the consolidated statements of income. (3) Marketable securities and other short-term investments—Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities.
Interest earned on secured advances to suppliers of $28 million, $25 million, and $25 million, for the years ended December 31, 2025, 2024, and 2023, respectively, is included in Net sales in the consolidated statements of income. (3) Marketable securities and other short-term investments—Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities.
The program is valid through 2032 and contains recapture features if the Company does not follow program production efficiency requirements. For the years ended December 31, 2024, 2023, and 2022, Bunge recorded program related cash grants of $23 million, $24 million and $19 million in Cost of goods sold in the consolidated statements of income, respectively.
The program is valid through 2032 and contains recapture features if the Company does not follow program production efficiency requirements. For the years ended December 31, 2025, 2024, and 2023, Bunge recorded program related cash grants of $14 million, $23 million and $24 million in Cost of goods sold in the consolidated statements of income, respectively.
Neppl Executive Vice President and Chief Financial Officer S-1 Table of Contents Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. February 20, 2025 By: /s/ GREGORY A. HECKMAN Gregory A.
Neppl Executive Vice President and Chief Financial Officer S-1 Table of Contents Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. February 19, 2026 By: /s/ GREGORY A. HECKMAN Gregory A.
At December 31, 2024, F-57 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) no obligation has been recorded related to these guarantees. Any obligation recorded would be re cognized in Current operating lease obligations or Non-current operating lease obligations.
At December 31, 2025, F-62 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) no obligation has been recorded related to these guarantees. Any obligation recorded would be re cognized in Current operating lease obligations or Non-current operating lease obligations.
Includes principal maturities of long-term debt attributable to finance leases, see Note 25- Leases for a separate breakout of finance lease maturities. During the years ended December 31, 2024, 2023, and 2022, Bunge paid interest, net of interest capitalized, of $434 million, $507 million, and $403 million, respectively. 18.
Includes principal maturities of long-term debt attributable to finance leases, see Note 25- Leases for a separate breakout of finance lease maturities. During the years ended December 31, 2025, 2024, and 2023, Bunge paid interest, net of interest capitalized, of $562 million, $434 million, and $507 million, respectively. 18.
At December 31, 2024, Bunge's pre-tax loss carryforwards totaled $1.9 billion, of which $1.7 billion have no expiration, including loss carryforwards of $1.2 billion in Brazil. While loss carryforwards in Brazil can be carried forward indefinitely, annual utilization is limited to 30% of taxable income calculated on an entity-by-entity basis as Brazil tax law does not allow consolidated tax filings.
At December 31, 2025, Bunge's pre-tax loss carryforwards totaled $2.5 billion, of which $2.2 billion have no expiration, including loss carryforwards of $1.2 billion in Brazil. While loss carryforwards in Brazil can be carried forward indefinitely, annual utilization is limited to 30% of taxable income calculated on an entity-by-entity basis as Brazil tax law does not allow consolidated tax filings.
Collectively, the three tranches of Senior Notes total an aggregate principal amount of $2.0 billion. The Senior Notes are fully and unconditionally guaranteed by Bunge. The offering was made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-282003) filed by the Company and its 100% owned finance subsidiary, BLFC, with the U.S. Securities and Exchange Commission.
Collectively, the three tranches of Senior Notes total an aggregate principal amount of $2.0 billion. The Senior Notes are fully and unconditionally guaranteed by Bunge. The offering was made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-282003) filed by the Company and its 100% owned finance subsidiary, BLFC, with the SEC.
Corporate and Other, which is not a reportable segment, includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of such reporting segments 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 program, accounts receivable securitization activities, and certain income tax assets and liabilities.
Corporate and Other, which is not a reportable segment, includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to the Company’s individual reporting segments because the operating performance of such reporting segments is evaluated by the Company's chief operating decision maker ("CODM") exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance program, accounts receivable securitization activities, and certain income tax assets and liabilities.
F-52 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Pension Benefit Obligations and Funded Status—The following table sets forth in aggregate the changes in the defined benefit pension and postretirement benefit plans' benefit obligations, assets and funded status at December 31, 2024 and 2023.
F-57 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Pension Benefit Obligations and Funded Status —The following table sets forth in aggregate the changes in the defined benefit pension and postretirement benefit plans' benefit obligations, assets and funded status at December 31, 2025 and 2024.
F-46 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) 17.
F-51 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) 17.
These income tax prepayments are expected to be used for the settlement future income tax obligations. Income taxes receivable in Brazil bear interest at the Selic rate. Long-term investments —Long-term investments primarily comprise Bunge's noncontrolling equity investments in growth stage agribusiness and food companies held by Bunge Ventures.
These income tax prepayments are expected to be used for the settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the Selic rate. Long-term investments —Long-term investments primarily comprise Bunge's noncontrolling equity investments held by Bunge Ventures in growth stage companies and related investment funds in the agribusiness and food sectors.
For the years ended December 31, 2024, 2023, and 2022, net returns from these activities were $58 million, $36 million, and $32 million, respectively, and were included as a reduction of Cost of goods sold in the accompanying consolidated statements of income.
For the years ended December 31, 2025, 2024, and 2023, net returns from these activities were $46 million, $58 million, and $36 million, respectively, and were included as a reduction of Cost of goods sold in the accompanying consolidated statements of income.
The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions: Open Tax Years North America 2015 - 2024 South America 2017 - 2024 Europe, Middle East, and Africa 2017 - 2024 Asia-Pacific 2015 - 2024 As of December 31, 2024, Bunge's Brazilian subsidiaries have received income tax and penalty assessments through 2018 of approximately R$5.3 billion (approximately $856 million) plus applicable interest on the outstanding amount.
The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions: Open Tax Years North America 2016 - 2025 South America 2018 - 2025 Europe, Middle East, and Africa 2017 - 2025 Asia-Pacific 2015 - 2025 As of December 31, 2025, Bunge's Brazilian subsidiaries have received income tax and penalty assessments through 2018 of approximately R$4.3 billion (approximately $790 million) plus applicable interest on the outstanding amount.
Bunge has also entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Amounts on outstanding standby letter of credit agreements and surety bonds aggregated to $1,610 million and $1,858 million as of December 31, 2024 and 2023, respectively. 21.
Bunge has also entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Amounts on outstanding standby letter of credit agreements and surety bonds aggregated to $2,151 million and $1,610 million as of December 31, 2025 and 2024, respectively. 21.
During 2024, 2023 and 2022, respectively, Bunge recognized $2 million, less than $1 million and $(7) million of interest and penalty charges in Income tax expense in the consolidated statements of income.
During 2025, 2024 and 2023, respectively, Bunge recognized $(1) million, $2 million, and less than $1 million of interest and penalty charges in Income tax expense in the consolidated statements of income.
The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate earlier on December 16, 2025, with a feature that permits Bunge to request 364-day extensions.
The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate earlier on December 15, 2026, with a feature that permits Bunge to request 364-day extensions.
BCAR is a VIE in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of BCAR as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by BCAR, among other factors.
Further, Bunge Chevron Ag Renewables LLC ("BCAR") is a VIE in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of BCAR as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by BCAR, among other factors.
Recoverable taxes, net —Recoverable taxes are reported net of allowances of $9 million and $13 million at December 31, 2024 and 2023, respectively. Judicial deposits —Judicial deposits are funds that Bunge has placed on deposit with the courts in Brazil.
Recoverable taxes, net — Recoverable taxes are reported net of allowances of $6 million and $9 million at December 31, 2025 and 2024, respectively. Judicial deposits —Judicial deposits are funds that Bunge has placed on deposit with the courts in Brazil.
In other words, the earnings effect of an increase in the fair value of the derivative will be substantially offset by the earnings effect of the increase in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense.
In other words, the earnings effect of a change in the fair value of the derivative will be substantially offset by the earnings effect of the change in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense.
Other Short-term Debt In addition to the committed facilities discussed above, from time to time, Bunge Global SA and/or its financing subsidiaries may enter into uncommitted bilateral short-term credit lines as necessary based on its financing requirements. At December 31, 2024 and 2023, there were no borrowings outstanding under these bilateral short-term credit lines.
Other Short-term Debt In addition to the committed facilities discussed above, from time to time, Bunge Global SA and/or its financing subsidiaries may enter into uncommitted bilateral short-term credit lines as necessary based on its financing requirements. At December 31, 2025 there were $900 million borrowings outstanding, under these bilateral short-term credit lines.
F-71 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BUNGE GLOBAL SA Dated: February 20, 2025 By: /s/ JOHN W. NEPPL John W.
F-76 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BUNGE GLOBAL SA Dated: February 19, 2026 By: /s/ JOHN W. NEPPL John W.
The outstanding claims comprise the following: December 31, (US$ in millions) Years Examined 2024 2023 ICMS 1990 to Present $ 128 $ 212 PIS/COFINS 2002 to Present $ 427 $ 438 Labor claims — The labor claims are principally against Bunge’s Brazilian subsidiaries. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits.
The outstanding claims comprise the following: December 31, (US$ in millions) Years Examined 2025 2024 ICMS 1990 to Present $ 155 $ 128 PIS/COFINS 2002 to Present $ 490 $ 427 Labor claims — The labor claims are principally against Bunge’s Brazilian subsidiaries. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits.
At December 31, 2023, an 8.8% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2023 postretirement benefit plan measurement purposes, decreasing to 8.2% by 2048, and remaining at that level thereafter.
At December 31, 2024, an 8.5% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2024 postretirement benefit plan measurement purposes, decreasing to 8.1% by 2048, and remaining at that level thereafter.
December 31, (US$ in millions) 2024 2023 Receivables sold which were derecognized from Bunge's balance sheet $ 1,148 $ 1,230 Receivables pledged to the administrative agent and included in Trade accounts receivable $ 123 $ 343 Bunge's risk of loss following the sale of trade receivables is limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.
December 31, (US$ in millions) 2025 2024 Receivables sold which were derecognized from Bunge's balance sheet $ 1,174 $ 1,148 Receivables pledged to the administrative agent and included in Trade accounts receivable $ 182 $ 123 Bunge's risk of loss following the sale of trade receivables is limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.
At December 31, 2024, and 2023, the unpaid portion of the dividends accrued in Other current liabilities on the consolidated balance sheets totaled $91 million and $96 million, respectively, see Note 13- Other Current Liabilities .
At December 31, 2025, and 2024, the unpaid portion of the dividends accrued in Other current liabilities on the consolidated balance sheets totaled $135 million and $91 million, respectively, see Note 13- Other Current Liabilities .
Revenue from contracts with customers (ASC 606) —Revenue from contracts with customers accounted for under ASC 606 is primarily generated in the Company's Refined and Specialty Oils and Milling segments through the sale of refined edible oil-based products such as packaged vegetable oils, shortenings, margarines, and mayonnaise; milled grain products such as wheat flours, bakery mixes, and corn-based products; and fertilizer products.
Revenue from contracts with customers (ASC 606) —Revenue from contracts with customers accounted for under ASC 606 is primarily generated through the sale of refined edible oil-based products such as packaged vegetable oils, shortenings, margarines, and mayonnaise; milled grain products such as wheat flours and bakery mixes; and fertilizer products.
The following table provides a reconciliation of cash, cash equivalents, restricted cash, and cash and cash equivalents in Assets held for sale reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows.
For the years ended December 31, 2024, 2023, and 2022, Bunge recorded program tax credits of $129 million, $176 million and $205 million in Net sales in the consolidated statements of income, respectively.
For the years ended December 31, 2025, 2024, and 2023, Bunge recorded program tax credits of $146 million, $129 million and $176 million in Net sales in the consolidated statements of income, respectively.
Borrowings under the $2 Billion Commercial Paper Program typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the consolidated statements of cash flows.
The $3 Billion Commercial Paper Program has no maturity date. Borrowings under the $3 Billion Commercial Paper Program typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the consolidated statements of cash flows.
Federal tax rate 320 641 434 Adjustments to derive effective tax rate: Foreign earnings taxed at different statutory rates (10) 142 (75) Valuation allowances 21 (30) (21) Fiscal incentives (1) (13) (76) (65) Foreign exchange on monetary items 21 (5) 31 Tax rate changes — 18 12 Non-deductible expenses 62 40 51 Uncertain tax positions 15 20 (9) Inflation adjustments (84) (32) (61) Incremental tax on future distributions 5 25 30 State taxes 18 22 18 Impairment of Russian operations — — 25 Gain on BP Bunge Bioenergia disposal (44) — — Swiss tax credits, net (2) — (90) — Other 25 39 18 Income tax expense $ 336 $ 714 $ 388 (1) Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax.
Federal tax rate 320 641 Adjustments to derive effective tax rate: Foreign earnings taxed at different statutory rates (10) 142 Valuation allowances 21 (30) Fiscal incentives (1) (13) (76) Foreign exchange on monetary items 21 (5) Tax rate changes — 18 Non-deductible expenses 62 40 Uncertain tax positions 15 20 Inflation adjustments (84) (32) Incremental tax on future distributions 5 25 State taxes 18 22 Gain on BP Bunge Bioenergia disposal (44) — Swiss tax credits, net (2) — (90) Other 25 39 Income tax expense $ 336 $ 714 (1) Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax.
The following table summarizes information related to aggregated defined benefit pension plans with an accumulated benefit obligation in excess of plan assets: Pension Benefits December 31, (US$ in millions) 2024 2023 Projected benefit obligation $ (268) $ (713) Accumulated benefit obligation $ (252) $ (697) Fair value of plan assets $ 126 $ 564 Pension Benefit Plan Assets —The objective of the plans' trust funds is to sufficiently diversify plan assets to maintain a reasonable level of risk without imprudently sacrificing returns.
The following table summarizes information related to aggregated defined benefit pension plans with an accumulated benefit obligation in excess of plan assets: Pension Benefits December 31, (US$ in millions) 2025 2024 Projected benefit obligation $ (322) $ (268) Accumulated benefit obligation $ (307) $ (252) Fair value of plan assets $ 172 $ 126 Pension Benefit Plan Assets —The objective of the plans' trust funds is to sufficiently diversify plan assets to maintain a reasonable level of risk without imprudently sacrificing returns.
Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized over the lives of the related assets that gave rise to them. At December 31, 2024, the aggregate of all basis differences was a debit of $134 million, including $46 million of amortizable basis difference.
Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized over the lives of the related assets that gave rise to them. At December 31, 2025, the aggregate of all basis differences was a debit of $422 million, including $44 million of amortizable basis difference.
At December 31, 2024 and 2023, advances to unconsolidated investees comprised approximately 4% or less of total Other current assets and 6% or less of total Other non-current assets. Bunge believes all transaction values to be similar to those that would be conducted with third parties at arm's-length. 20.
At December 31, 2025 and 2024, advances to unconsolidated investees comprised approximately 3% or less of total Other current assets and 7% or less of total Other non-current assets. Bunge believes all transaction values to be similar to those that would be conducted with third parties at arm's-length. 20.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

82 edited+7 added−73 removed140 unchanged
Biggest changeSpecifically, issues that must be addressed to realize the anticipated benefits of the Acquisition so the combined business performs as expected include, among other things: • challenges and difficulties associated with managing the large, more complex, combined company and coordinating geographically dispersed organizations; • identifying and adopting the best practices of the two organizations to position the combined business for future growth; • harmonizing the companies’ operating practices, reporting structure, staff development and compensation programs, internal controls and other policies, procedures and processes, including compliance by the acquired operations with generally accepted accounting principles in the United States and the documentation and testing of internal control procedures under Section 404 of the Sarbanes-Oxley Act, which includes remediating certain deficiencies in internal controls over financial reporting of Viterra identified in connection with the audit of its consolidated financial statements as of December 31, 2022 and 2021 and for each of the years ended December 31, 2022, 2021, and 2020 that constituted a material weakness and resulted in financial statement restatements; • rebranding operations and addressing possible differences in business backgrounds, corporate cultures and management philosophies; • consolidating and integrating the companies’ corporate, administrative and information technology infrastructure, including technologies, systems, and services; • attracting, motivating, and retaining talent, including due to issues relating to the uncertainty and difficulty of integration, financial security, or a desire not to become team members of the combined business; • diversion of management's attention or resources away from our operations or growth initiatives to integration; • maintaining existing business relationships, building new relationships, and avoiding delays in entering into new relationships with prospective business partners; and • identifying and eliminating redundant assets and expenses and consolidating locations of us and Viterra that are currently in close proximity to each other.
Biggest changeSpecifically, issues that must be addressed to realize the anticipated benefits of the Acquisition so the combined business performs as expected include, among other things: • challenges and difficulties associated with managing the large, more complex, combined company and coordinating geographically dispersed organizations; • identifying and adopting the best practices of the two organizations to position the combined business for future growth; 23 Table of Contents • harmonizing the companies’ operating practices, reporting structure, staff development and compensation programs, internal controls and other policies, procedures and processes, including compliance by the acquired operations with generally accepted accounting principles in the United States and the documentation and testing of internal control procedures under Section 404 of the Sarbanes-Oxley Act; • rebranding operations and addressing possible differences in business backgrounds, corporate cultures and management philosophies; • consolidating and integrating the companies’ corporate, administrative and information technology infrastructure, including technologies, systems, and services; • attracting, motivating, and retaining talent, including due to issues relating to the uncertainty and difficulty of integration, financial security, or a desire not to become team members of the combined business; • diversion of management's attention or resources away from our operations or growth initiatives to integration; • maintaining existing business relationships, building new relationships, and avoiding delays in entering into new relationships with prospective business partners; and • identifying and eliminating redundant assets and expenses and consolidating locations of us and Viterra that are currently in close proximity to each other.
The frequency and severity of the effects of climate change or weather patterns could increase and adversely impact our business operations, 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.
The frequency and severity of the effects of climate change or weather patterns could increase and adversely impact our business 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.
For example, we agreed to indemnify BP 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.
For example, we agreed to indemnify the 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 ongoing war could cause 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 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.
We are also subject to a number of ESG disclosure frameworks, such as the CSRD in the European Union, 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 ESG disclosure frameworks.
We are also subject to a number of sustainability 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 sustainability disclosure frameworks.
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 Company and user data or accounts.
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 our data and user data or accounts.
These 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.
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.
Due to the international nature of our business, we are exposed to various risks of international operations, including: • adverse trade policies or trade barriers on agricultural commodities and commodity products; • 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.
Due to the international nature of our business, we are exposed to various risks of international operations, including: • adverse trade policies or trade barriers on agricultural commodities and commodity products; • new and developing requirements related to GHG emissions and other climate change initiatives and workforce 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.
Although we expect that the elimination of duplicative costs, as well as the realization of other synergies and efficiencies related to the integration of the businesses, that may allow us to offset integration-related costs over time, this net benefit may not be achieved in the near term, or at all, and we may incur difficulties and delays in integrating Viterra’s business following completion of the Acquisition or fully realizing the anticipated cost synergies and other benefits expected from the Acquisition.
Although we expect that the elimination of duplicative costs, as well as the realization of other synergies and efficiencies related to the integration of the businesses, may allow us to offset integration-related costs over time, this net benefit may not be achieved in the near term, or at all, and we may incur difficulties and delays in integrating Viterra’s business or fully realizing the anticipated cost synergies and other benefits expected from the Acquisition.
The failure or alleged failure to maintain high standards for quality, safety, integrity, environmental sustainability 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.
The failure or alleged failure to maintain high standards for quality, safety, integrity, environmental sustainability, 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.
If we are not able to successfully integrate and combine the business of Bunge and Viterra within the anticipated time frame, or at all, the anticipated cost savings and other benefits of the Acquisition may not be realized fully or at all or may take longer to realize than expected, the combined businesses may not perform as expected, and the value of Bunge shares may be adversely affected.
If we are not able to successfully integrate and combine the legacy businesses of Bunge and Viterra within the anticipated time frame, or at all, the anticipated cost savings and other benefits of the Acquisition may not be realized fully or may take longer to realize than expected, the combined businesses may not perform as expected, and the value of Bunge shares may be adversely affected.
An implementation of 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.
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.
Additionally, acquisitions involve other risks, such as differing levels of management and internal control 20 Table of Contents 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.
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.
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.
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 19 Table of Contents 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.
While our debt agreements do not have any credit rating downgrade triggers that would accelerate the maturity of our debt, reductions in our credit ratings would increase our borrowing costs and, depending on their severity, could impede our ability to obtain credit facilities or access the capital markets in the future on favorable terms, as well as impair our ability to compete effectively relative to competitors with higher credit ratings.
While our debt agreements do not have any credit rating downgrade triggers that would accelerate the maturity of our debt, reductions in our credit ratings would increase our borrowing costs and, depending on their severity, could impede our ability to obtain credit facilities or access the 20 Table of Contents capital markets in the future on favorable terms, as well as impair our ability to compete effectively relative to competitors with higher credit ratings.
For example, inflation rates in many countries in which we operate are currently at the highest levels in decades, resulting in tighter monetary policies, including higher interest rates; • changes in laws and regulations or their interpretation or enforcement in the countries in which we operate, including the effects of complying with Swiss tax law on us and our shareholders; • difficulties in enforcing agreements or judgments and collecting receivables in foreign jurisdictions; • exchange controls or other currency restrictions and limitations on the movement of funds, such as on the remittance of dividends by subsidiaries, most notably in Ukraine, Egypt, and Argentina; • inadequate infrastructure and logistics challenges; • sovereign risk and the risk of government intervention, including through expropriation, or regulation of the economy or natural resources, including restrictions on foreign ownership of land or other assets; • the requirement to comply with a wide variety of laws and regulations that apply to international operations, including, without limitation, economic sanctions regulations, labor laws, import and export regulations, anti-corruption and anti-bribery laws, as well as other laws or regulations discussed in this "Item 1A.
For example, while inflation rates in certain of the countries in which we operate have declined recently, many of the rates currently remain at the highest levels in decades, resulting in tighter monetary policies, including higher interest rates; • changes in laws and regulations or their interpretation or enforcement in the countries in which we operate, including the effects of complying with Swiss tax law on us and our shareholders; • difficulties in enforcing agreements or judgments and collecting receivables in foreign jurisdictions; • exchange controls or other currency restrictions and limitations on the movement of funds, such as on the remittance of dividends by subsidiaries, most notably in Ukraine, Egypt, and Argentina; • inadequate infrastructure and logistics challenges; • sovereign risk and the risk of government intervention, including through expropriation, or regulation of the economy or natural resources, including restrictions on foreign ownership of land or other assets; • the requirement to comply with a wide variety of laws and regulations that apply to international operations, including, without limitation, economic sanctions regulations, labor laws, import and export regulations, anti-corruption and anti-bribery laws, as well as other laws or regulations discussed in this "Item 1A.
Significant increases in the cost of these items, including as a result of the Ukraine-Russia war, and currency fluctuations could adversely affect our operating costs and results. We also sell certain biofuel products, such as ethanol, renewable diesel, and biodiesel, which are closely related to, or may be substituted for, 17 Table of Contents petroleum products.
Significant increases in the cost of these items, including as a result of the Ukraine-Russia war, and currency fluctuations could adversely affect our operating costs and results. We also sell certain biofuel products, such as ethanol, renewable diesel, and biodiesel, which are closely related to, or may be substituted for, petroleum products.
For example, the EUDR, which becomes effective December 30, 2025 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.
For example, the EUDR, which becomes effective in December 2026 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.
Our ability to realize these anticipated benefits and cost savings is subject to certain risks including: • Our ability to successfully combine the businesses of Bunge and Viterra; • Whether the combined businesses will perform as expected; • The incurrence of indebtedness to finance the Acquisition and the need to dedicate a greater amount of cash flow from operations to make payments on our indebtedness; and • The assumption of known and unknown liabilities of Viterra.
Our ability to realize these anticipated benefits and cost savings is subject to certain risks including: • Our ability to successfully combine the legacy businesses of Bunge and Viterra; • Whether the combined businesses will perform as expected; • The incurrence of indebtedness to finance the Acquisition and the need to dedicate a greater amount of cash flow from operations to make payments on our indebtedness; and • The assumption of liabilities of Viterra.
Additionally, there continues to be a great deal of uncertainty regarding U.S. and global trade policies for companies with 19 Table of Contents multinational operations like ours. In recent years, there has been an increase in populism and nationalism in various countries around the world and consequently historical free trade principles are being challenged.
Additionally, there continues to be a great deal of uncertainty regarding U.S. and global trade policies for companies with multinational operations like ours. In recent years, there has been an increase in populism and nationalism in various countries around the world and consequently historical free trade principles are being challenged.
See "Cautionary Statement Regarding Forward Looking Statements." Risks Relating to Our Business and Industries Adverse weather conditions, including as a result of climate change, may adversely affect the availability, quality and price of agricultural commodities and agricultural commodity products, as well as our operations, supply chains, and operating results.
See "Cautionary Statement Regarding Forward Looking Statements." 13 Table of Contents Risks Relating to Our Business and Industries Adverse weather conditions, including as a result of climate change, may adversely affect the availability, quality and price of agricultural commodities and agricultural commodity products, as well as our operations, supply chains, and operating results.
Furthermore, Swiss law prohibits certain executive compensation practices, including 25 Table of Contents sign-on bonuses and severance and takeover incentive or similar payments for our executive management team (except for pay during a notice period of up to 12 months), which may impair our ability to recruit for these positions.
Furthermore, Swiss law prohibits certain executive compensation practices, including sign-on bonuses and severance and takeover incentive or similar payments for our executive management team (except for pay during a notice period of up to 12 months), which may impair our ability to recruit for these positions.
In addition, any collateral held by us as part of these financing transactions may not be sufficient to fully protect us from loss. 22 Table of Contents We are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate and grow our business.
In addition, any collateral held by us as part of these financing transactions may not be sufficient to fully protect us from loss. We are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate and grow our business.
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 21 Table of Contents to liabilities for past operations at facilities that we no longer own or operate.
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.
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 led both countries to implement tariffs on imported goods.
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 led, and may in the future lead to, both countries to implement tariffs on imported goods.
If we or our third-party service providers do not respond or perform effectively in connection with a cybersecurity breach or system failure, our business may be impacted.
If we or our third-party service providers do not respond or perform effectively in connection with a cybersecurity incident or system failure, our business may be impacted.
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 may incur significant costs in protecting against potential security breaches, cyber-based attacks, or other cybersecurity incidents.
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.
Data privacy regulations continue to evolve, and non-compliance with such regulations, including as a result of adoption of emerging 24 Table of Contents technologies, such as AI, could subject the Company to legal claims or proceedings, potential regulatory fines and penalties and damage to our reputation.
Data privacy regulations continue to evolve, and non-compliance with such regulations, including as a result of adoption of emerging technologies, such as AI, could subject the Company to legal claims or proceedings, potential regulatory fines and penalties and damage to our reputation.
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.
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 to mitigate those risks.
These potential effects could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, 16 Table of Contents shifts in agricultural production areas, changing temperature levels, increased frequency or severity of extreme weather events, and climatic volatility.
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.
As a result, following the completion of the Acquisition, Glencore and CPP Investments will be able to influence the composition of the Board and thus, potentially, the outcome of corporate actions requiring shareholder approval, such as statutory mergers or the issuance of new shares where preemptive rights of shareholders are to be withdrawn, which require the affirmative vote of a majority of two-thirds of the voting rights represented at the general meeting of shareholders.
As a result, Glencore and CPP Investments are able to influence the composition of our Board and thus, potentially, the outcome of corporate actions requiring shareholder approval, such as statutory mergers or the issuance of new shares where preemptive rights of shareholders are to be withdrawn, which require the affirmative vote of a majority of two-thirds of the voting rights represented at the general meeting of shareholders.
The market price for registered shares of the combined company following the completion of the Acquisition may be affected by factors different from, or in addition to, those that historically have affected or currently affect the market prices of the registered shares.
With the completion of the Acquisition, the market price for registered shares of the company may be affected by factors different from, or in addition to, those that historically have affected or currently affect the market prices of the registered shares.
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 div estiture of 40% of our Spanish operating subsidiary Bunge Iberica SA .
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 div estiture of 40% of our Spanish operating subsidiary BISA in March 2025 .
BEPS did not have a material impact on our effective tax rate in 2024 and is not expected to have a material impact in 2025.
BEPS did not have a material impact on our effective tax rate in 2025 and is not expected to have a material impact in 2026.
Risk Factors " section; • challenges in maintaining an effective internal control environment with operations in multiple international locations, including language differences, varying levels of U.S.
Risk Factors " 16 Table of Contents section; • challenges in maintaining an effective internal control environment with operations in multiple international locations, including language differences, varying levels of U.S.
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, as well as concerns regarding genetically modified crops.
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, the changing perception of the benefits of seed oils, and concerns regarding genetically modified crops.
It is possible that events beyond our control, such as financial issues, operational failures, labor issues, cybersecurity events, pandemics or other public health issues, or other systemic issues could impact our unaffiliated third parties.
It is possible that events beyond our control, such as financial issues, operational failures, labor issues, cybersecurity events, pandemics or other public health issues, or other systemic issues could impact our 22 Table of Contents unaffiliated third parties.
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 oilseeds and grains, 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.
For example, there is a degree of seasonality in the growing season and procurement of our principal raw materials, such as soybeans, 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.
Furthermore, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced added competition for refining capacity from traditional petroleum companies. As many of the products we sell are global commodities, the markets for our products are highly price competitive, and in many cases also sensitive to product substitution.
Additionally, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced additional competition for refining capacity from traditional petroleum companies, particularly in the United States. As many of the products we sell are global commodities, the markets for our products are highly price competitive, and in many cases also sensitive to product substitution.
This provision, as well as any additional anti-takeover measures our Board could adopt in the future, could make it more difficult for a third party to acquire us, even if the third party's offer may be considered beneficial by many shareholders.
This provision, as well as any additional anti-takeover measures our Board could adopt in the future, could make it more difficult for a third party to acquire us, even if the third party's offer may be considered beneficial by many shareholders. As a result, shareholders may be limited in their ability to obtain a premium for their shares.
As of December 31, 2024 and 2023, respectively, we had approximately $478 million and $825 million in outstanding prepaid commodity purchase contracts, and advances to farmers.
As of December 31, 2025 and 2024, respectively, we had approximately $835 million and $478 million in outstanding prepaid commodity purchase contracts, and advances to farmers.
We continue to assess the magnitude of these costs, and additional unanticipated costs may be incurred 31 Table of Contents in the Acquisition and the integration of Viterra into our business.
We continue to assess the magnitude of these costs, and additional unanticipated costs may be incurred in the integration of Viterra into our business.
Additionally, a slowdown in China's economy over a prolonged period, including as a result of tensions with the west, population decline, real estate crisis and other factors, could lead to reduced global demand for agricultural commodities.
Additionally, a slowdown in China's economy over a prolonged period, including as a result of tensions with the 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.
It is possible that these attacks could have collateral effects on additional critical infrastructure and financial institutions globally.
It is possible that these attacks could have 21 Table of Contents collateral effects on additional critical infrastructure and financial institutions globally.
The extent to which we efficiently manage available capacity at our facilities will affect 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.
If we are unable to efficiently manage available capacity at our facilities, it will have 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.
After completion of the Acquisition, we may fail to realize the anticipated benefits of the Acquisition, which could adversely affect the value of registered shares. The success of the Acquisition will depend, in part, on our ability to realize the anticipated benefits from combining the businesses of Bunge and Viterra.
Risks Relating to the Combined Company Following Our Acquisition of Viterra We may fail to realize the anticipated benefits of the Acquisition, which could adversely affect the value of the registered shares. The success of the Acquisition will depend, in part, on our ability to realize the anticipated benefits from combining the legacy businesses of Bunge and Viterra.
We are vulnerable to the effects of supply and demand imbalances in our industries . 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.
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.
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.
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.
See the risk factors under the sections entitled "Risks Relating to the Pending Viterra Acquisition" and "Risks Relating to the Combined Company" under this Item 1A for additional discussions on our pending acquisition of Viterra.
See the risk factors under the section entitled "Risks Relating to the Combined Company Following our Acquisition of Viterra" under this Item 1A for additional discussions on our recent Acquisition of Viterra.
Also, increasing focus on climate change, deforestation, water, animal welfare and human rights concerns, and other risks associated with the global food system may lead to increased activism focusing on food companies and their suppliers, governmental intervention and consumer responses.
Also, a focus on climate change, deforestation, water, animal welfare and human rights concerns, and other risks 18 Table of Contents 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.
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.
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, the amount of par value and qualifying contribution reserves available for Bunge Global may be limited.
We have incurred, and will continue to incur significant integration-related costs in connection with the Acquisition and we may not be able to obtain the anticipated synergies of the combined company.
We have incurred, and will continue to incur significant integration-related costs in connection with the Acquisition and we may not be able to obtain the anticipated synergies of the combined company. We have incurred, and will continue to incur significant integration-related fees and costs related to formulating and implementing integration plans, including facilities and systems consolidation costs and staff-related costs.
Bunge’s Ukrainian operations comprise two oilseed crushing facilities, located in Mykolaiv and Dnipropetrovsk, a grain export terminal in the Mykolaiv commercial seaport, numerous grain elevators, and an office in Kiev. The Company also operates a corn milling facility and oilseed processor in Ukraine via joint ventures.
Bunge’s Ukrainian operations at December 31, 2025 comprise four oilseed crushing facilities, located in Mykolaiv, Dnipropetrovsk, Kharkiv, and Vinnytsia, two export terminals in the Mykolaiv commercial seaport, and numerous grain elevators and offices throughout Ukraine. The Company also operates a corn milling facility and a grain export terminal in Ukraine via joint ventures.
We also compete for talent in our industries, particularly commercial personnel. Competition could cause us to lose market share and talented employees, exit certain lines of business, increase marketing or other expenditures, increase our raw material costs or reduce pricing, each of which could have an adverse effect on our business and profitability.
Competition could cause us to lose market share and talented employees, exit certain lines of business, increase marketing or other expenditures, increase our raw material costs or reduce pricing, each of which could have an adverse effect on our business and profitability. 15 Table of Contents We are vulnerable to the effects of supply and demand imbalances in our industries .
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. We divested our Russian operations in February 2023 and we no longer maintain any operations in Russia.
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.
This concentration of investment and voting power, in addition to our current concentration of investment and voting power among certain large shareholders, could discourage others from initiating a potential merger, takeover or other change of control transaction that may otherwise be beneficial to Bunge and its shareholders, which could adversely affect the market price of registered shares.
This concentration of investment and voting power, in addition to our existing concentration of investment and voting power among certain large shareholders, could discourage others from initiating a potential merger, takeover or other change of control transaction that may otherwise be beneficial to Bunge and its shareholders, which could adversely affect the market price of registered shares. 24 Table of Contents Risks Relating to the Registered Shares The rights of our shareholders are governed by Swiss law, and it may be difficult to enforce judgments against us and our directors and officers.
As of December 31, 2024, total assets and total liabilities associated with Bunge's Ukrainian subsidiaries each comprise less than 3% of our consolidated Total assets and Total liabilities, respectively. Our Ukrainian operations employ approximately 1,000 employees.
As of December 31, 2025, total assets and total liabilities associated with Bunge's Ukrainian subsidiaries each comprise less than 2% of our consolidated Total assets and Total liabilities, respectively.
Under our capital band, the Board has authority to issue up to 86,861,666 new shares or to cancel or reduce the par value of up to 26,138,964 shares until October 19, 2028.
Under our capital band, the Board has authority to issue up to 33,632,445 new shares or to cancel or reduce the par value of up to 79,368,185 shares until October 19, 2028.
Further, our sensitive information may be compromised and we may suffer representational harm.
Further, sensitive information related to our employees and clients may be compromised and we may suffer reputational harm.
These Swiss law requirements relating to our capital management may limit our flexibility to swiftly implement certain initiatives or strategies, and situations may arise where greater flexibility would have provided substantial benefits to our shareholders.
Further, Swiss law also reserves for approval by shareholders many corporate actions, including the declaration and approval of dividends under certain circumstances. These Swiss law requirements relating to our capital management may limit our flexibility to swiftly implement certain initiatives or strategies, and situations may arise where greater flexibility would have provided substantial benefits to our shareholders.
Further, deteriorating economic and political conditions in our major markets, such as inflation, increased unemployment, decreases in disposable income, declines in consumer confidence, uncertainty about economic stability, political unrest, wars or other armed conflicts, or economic slowdowns or recessions, could cause a decrease in demand for our products. 18 Table of Contents Additionally, weak global economic conditions and adverse conditions in global financial and capital markets, including fluctuating interest rates and constraints on the availability of credit, have in the past adversely affected, and may in the future adversely affect, the financial condition and creditworthiness of the financial institutions that serve as our lenders and as counterparties to the over-the-counter derivative instruments we use to manage risks and some of our customers, suppliers, and other counterparties, which in turn may negatively impact our financial condition and results of operations.
Additionally, weak global economic conditions and adverse conditions in global financial and capital markets, including fluctuating interest rates and constraints on the availability of credit, have in the past adversely affected, and may in the future adversely affect, the financial condition and creditworthiness of the financial institutions that serve as our lenders and as counterparties to the over-the-counter derivative instruments we use to manage risks and some of our customers, suppliers, and other counterparties, which in turn may negatively impact our financial condition and results of operations.
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.
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. 14 Table of Contents 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.
The Articles of Association provides for a capital band authorizing the Board to issue up to 86,861,666 new shares or to cancel or reduce the par value of up to 26,138,964 shares (including to cancel shares repurchased under Bunge Global's share repurchase program) up until October 19, 2028.
The Articles of Association, as a part of the capital band provision, further authorizes the Board to cancel or reduce the par value of up to 79,368,185 shares (including to cancel shares repurchased under Bunge Global's share repurchase program) until October 19, 2028.
The expansion of our business and pursuit of acquisitions or other business opportunities also may require access to significant amounts of capital.
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.
The results of operations of the combined company will be affected by some factors that are different from those currently or historically affecting our results of operations and those currently or historically affecting the results of operations of Viterra.
The results of operations of the company may be affected by factors that are different from those currently affecting our results of operations. Additionally, our results of operations may also be affected by factors that are different from those historically affecting our or Viterra's results of operations prior to the closing of the Acquisition.
Swiss law allows Bunge Global’s shareholders to authorize the Board to issue shares without additional shareholder approval, but this authorization is limited to (i) 50% of Bunge Global’s stated share capital (among other things, the issuance of shares in connection with an acquisition or to raise 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) an additional 20% of Bunge Global’s stated share capital for the issuance of shares in connection with convertible or similar financial instruments and our equity incentive plans (the "conditional share capital").
Under Bunge Global's current Articles of Association, this authorization is limited to (i) approximately 16% of Bunge Global’s stated share capital, representing up to 33,632,445 new shares (among other things, for purposes of issuing shares in connection with an acquisition or for raising 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) approximately 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").
Additionally, many of the third-party service providers we rely on use generative AI for a variety of purposes that increases the risk that our sensitive and proprietary data could be inadvertently or maliciously exposed.
Additionally, while we have agreements with many of the third-party service providers regarding the restrictions and limitations on their use of our data in generative AI applications, there is a risk that our sensitive and proprietary data could be inadvertently or maliciously exposed by these service providers.
Several of our directors and officers are non-residents of the United States, and a substantial portion of our assets and the assets of those directors and officers are located outside the United States.
See Exhibit 4.2 for an overview of certain material terms and provisions of the Company’s registered shares. Several of our directors and officers are non-residents of the United States, and a substantial portion of our assets and the assets of those directors and officers are located outside the United States.
While we insure ourselves against many of these types of risks in accordance with industry standards, our level of insurance may not cover all losses.
While we insure ourselves against many of these types of risks in accordance with industry standards, our level of insurance may not cover all losses. The potential effects of these conditions could have a material adverse effect on our business, results of operations, and financial condition.
The rights of shareholders under Swiss law differ from the rights of shareholders of companies incorporated in other jurisdictions, including the United States and Bermuda, our domicile prior to the Redomestication. Swiss law reserves for approval by shareholders certain corporate actions over which a board of directors would have authority in some other jurisdictions.
The rights of our shareholders are governed by Swiss law and our articles of association (the "Articles of Association"). The rights of shareholders under Swiss law differ from the rights of shareholders of companies incorporated in other jurisdictions, including the United States and Bermuda, our domicile prior to the Redomestication.
Preemptive rights and advance subscription 26 Table of Contents 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 Article of Association.
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 Articles of Association. 25 Table of Contents Swiss law also does not provide as much flexibility in the various terms that can attach to different classes of shares.
These include 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.
We are 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.
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, 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 yields, and costs. We face intense competition in each of our businesses.
Any such actions for which our shareholders must vote will require that we file a proxy statement with the SEC and convene a meeting of shareholders, which would delay the timing to execute such actions. See Exhibit 4.2 for an overview of certain material terms and provisions of the Company’s registered shares.
Swiss law reserves for approval by shareholders certain corporate actions over which a board of directors would have authority in some other jurisdictions. Any such actions for which our shareholders must vote will require that we file a proxy statement with the SEC and convene a meeting of shareholders, which would delay the timing to execute such actions.
The potential effects of these conditions could have a material adverse effect on our business, results of operations, and financial condition. 23 Table of Contents Our information technology systems, processes and sites may suffer interruptions, security breaches or failures that may adversely affect our ability to conduct our business.
Our information technology systems, processes and sites may suffer interruptions, security breaches or failures that may adversely affect our ability to conduct our business.
We may not realize the anticipated benefits of acquisitions, divestitures, or joint ventures. We have been an active acquirer of other companies, including our pending acquisition of Viterra. We also have joint ventures with several partners, including the Bunge Chevron JV for manufacturing low lifecycle carbon intensity transportation fuels.
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.
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.
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.
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.
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. 17 Table of Contents We may not realize the anticipated benefits of acquisitions, divestitures, or joint ventures. We have been an active acquirer of other companies, including our recent Viterra Acquisition.
The Board's authority to issue shares based on the capital band must be renewed by the shareholders every five years.
The Board's authority to issue shares based on the capital band will expire on October 19, 2028 unless a renewal is approved by the shareholders.
The results of operations of the combined company may also be affected by factors different from those that currently affect or have historically affected either Bunge or Viterra. Certain Sellers will be able to exercise influence over the composition of the Board, matters subject to shareholder approval and/or our operations.
Certain Shareholders are able to exercise influence over the composition of the Board, matters subject to shareholder approval and/or our operations.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

10 edited+0 added−1 removed14 unchanged
Biggest changeOur CTO and CRO regularly receive briefings on cybersecurity matters, and in turn our CTO regularly reports to the Audit Committee on such matters. Our CRO regularly reports on enterprise risks facing the Company to the ERMC.
Biggest changeOur CTO and CRO regularly receive briefings on cybersecurity matters, and in turn our CTO regularly reports to the Audit Committee on such matters. Our CRO regularly reports on enterprise risks facing the Company to the ERMC. Our CTO and our CRO have several years of experience in leading and managing risk oversight for global organizations.
Our cybersecurity risk management program includes response plans that are aligned with our crisis response plans and outline the procedures and protocols to follow when a cybersecurity incident has or may have occurred, including to allow assessments related to disclosure and notice requirements to be timely made to regulators and affected parties.
Our cybersecurity risk management program includes incident response plans that are aligned with our crisis response plans and outline the procedures and protocols to follow when a cybersecurity incident has or may have occurred, including to allow assessments related to disclosure and notice requirements to be timely made to regulators and affected parties.
Our worldwide team of cyber and information security professionals undertakes a range of activities to protect its employees, assets, and reputation globally, leveraging internal and external resources to monitor cybersecurity threats to its systems and networks and to understand the broader threat environment.
Our worldwide team of cyber and information security professionals undertakes a range of activities to protect our employees, assets, and reputation globally, leveraging internal and external resources to monitor cybersecurity threats to our systems and networks and to understand the broader threat environment.
Privacy and data protection awareness and training is provided to employees and the Board as part of Bunge’s required Code of Conduct training. We have integrated cybersecurity risk assessments into Bunge’s overall enterprise risk management framework to promote a company-wide culture of cybersecurity risk management. Our CRO formulates periodic reports and provides them to our Management Risk Committee ("MRC").
Privacy and data protection awareness and training is provided annually to employees and the Board as part of Bunge’s required Code of Conduct training. We have integrated cybersecurity risk assessments into Bunge’s overall enterprise risk management framework to promote a company-wide culture of cybersecurity risk management. Our CRO formulates periodic reports and provides them to our MRC.
Senior management and the Audit Committee receive an annual update and ongoing quarterly updates on Bunge's cybersecurity readiness and the current "threat environment," which includes an update on the cybersecurity threat landscape, the strategic priorities of the cybersecurity risk management program and progress made in respect of those priorities, a review of cybersecurity incidents, as well as additional updates on an as-needed basis.
Senior management and the Audit Committee receive an annual update and ongoing quarterly updates on Bunge's cybersecurity readiness and the current “threat environment,” which includes an update on the cybersecurity threat landscape, the strategic priorities of the cybersecurity risk management program and progress made in respect of those priorities, a review of cybersecurity incidents, as well as additional updates on an as-needed basis.
Risk Factors” for more information. 33 Table of Contents Governance Our CTO leads our Business Technology organization and our cybersecurity risk management program in coordination with our CRO. The Business Technology team is responsible for assessing, identifying, and managing risks from cybersecurity threats.
Risk Factors” for more information. 27 Table of Contents Governance Our CTO leads our Business Technology organization and our cybersecurity risk management program in coordination with our CRO. The Business Technology team is responsible for assessing, identifying, and managing risks from cybersecurity threats.
We have also performed and plan to continue to conduct cybersecurity incident simulation exercises involving members of senior management as part of our cybersecurity risk management program. The Board is provided with an update following a simulation exercise.
We have also performed and plan to continue to conduct cybersecurity incident simulation exercises involving members of senior management as part of our cybersecurity risk management program. The Board is provided with an update following each simulation exercise.
Our Board has established a dedicated Board committee, the Enterprise Risk Management Committee, which enables greater focus at the Board level on risk oversight tailored to our business and industries. Additionally, each of our other Board committees is responsible for considering risks within its area of responsibility.
Our Board oversees Bunge’s approach to risk management. Our Board has established a dedicated Board committee, the Enterprise Risk Management Committee, which enables greater focus at the Board level on risk oversight tailored to our business and industries. Additionally, each of our other Board committees is responsible for considering risks within its area of responsibility.
Our response plans include protocols to notify our Chief Technology Officer ("CTO"), our Chief Legal Officer, other members of senior management as appropriate, and, under certain circumstances, the Audit Committee of our Board, or our full Board as appropriate.
Our response plans include protocols to notify our Chief Transformation Officer (“CTO”), our Chief Legal Officer, other members of senior management as appropriate, and, under certain circumstances, the Audit Committee of our Board, or our full Board as appropriate.
As noted in "Item 1. Business - Risk Management", the MRC reviews key enterprise risks on an ongoing basis and is responsible for reviewing and monitoring key exposures, emerging risks, and drivers of risk.
As noted in “Item 1. Business - Risk Management”, the MRC reviews key enterprise risks on an ongoing basis and is responsible for reviewing and monitoring key exposures, emerging risks, and drivers of risk.
Removed
Our CTO has more than 20 years of experience in leading, managing, and transforming information technology systems for large, global organizations, and our CRO has several years of experience in leading and managing risk oversight for global organizations. Our Board oversees Bunge’s approach to risk management.

Item 2. Properties

Properties — owned and leased real estate

3 edited+5 added−1 removed1 unchanged
Biggest changeWe also have 53 oilseed processing plants globally and operate four fertilizer processing and blending plants in Argentina. Refined and Specialty Oils In our Refined and Specialty Oils business, we have 59 refining and packaging facilities throughout the world. We also have 73 storage facilities globally that are located close to food and ingredient locations.
Biggest changeSoftseed Processing and Refining In our Softseed Processing and Refining segment, we have 29 oilseed processing plants and 22 refining and packaging facilities throughout the world. We also have 7 storage facilities globally that are located close to these softseed facilities, and one port terminal in Ukraine.
Item 2. Properties The following tables and related discussion provide information on our principal operating facilities as of December 31, 2024, which primarily includes both owned and leased assets as well as includes production and storage capacity of certain equity method investments.
Item 2. Properties The following tables and related discussion provide information on our principal operating facilities as of December 31, 2025, which primarily includes both owned and leased assets as well as includes production and storage capacity of certain equity method investments.
Milling In our Milling business, we have 13 milling facilities throughout the world. We also have 8 storage facilities globally that are located close to milling facility locations. Other Our corporate headquarters, co-located with our North American operations in Chesterfield, Missouri, occupies approximately 150,000 square feet of space under a lease that expires in December 2027.
In South America, we have 14 milling facilities, as well as four milling storage facilities and four milling port terminals located close to our milling facilities. Corporate and Other Our corporate headquarters, co-located with our North American operations in Chesterfield, Missouri, occupies approximately 150,000 square feet of space under a lease that expires in December 2027.
Removed
Facilities by Business Area (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Business Area Agribusiness 156,156 15,223,054 Refined and Specialty Oils 57,705 692,573 Milling 14,831 903,745 Facilities by Geographic Region (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Region North America 70,659 2,832,118 South America 61,617 10,376,595 Europe 58,298 2,446,017 Asia-Pacific 38,118 1,164,642 34 Table of Contents Agribusiness In our Agribusiness segment, we have 107 commodity storage facilities globally, which are located close to agricultural production areas or export locations.
Added
In the tables below, aggregate daily production capacity is based on metric tons per day, while aggregate storage capacity is based on the number of metric tons available at a given facility.
Added
Facilities by Business Area (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Business Area Soybean Processing and Refining 193,165 11,226,953 Softseed Processing and Refining 69,320 2,447,065 Other Oilseeds Processing and Refining 19,188 431,773 Grain Merchandising and Milling 30,887 19,486,773 Facilities by Geographic Region (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Region North America 72,391 10,177,820 South America 131,207 10,836,887 Europe 66,583 3,135,190 Asia-Pacific 42,379 9,442,667 Soybean Processing and Refining In our Soybean Processing and Refining segment, we have 35 oilseed processing plants, 22 refining and packaging facilities, and 17 port terminals throughout the world.
Added
Additionally, there are 70 storage facilities globally that are located close 28 Table of Contents to these soybean facilities. We also have four fertilizer processing and blending plants, and four fertilizer port terminals in South America.
Added
Other Oilseeds Processing and Refining In our Other Oilseeds Processing and Refining segment, we have 18 refining and packaging facilities throughout the world. We also have 69 storage facilities, primarily in Asia, that are located close to the refining and packaging locations. Further, we have two protein processing facilities in North America.
Added
Grain Merchandising and Milling In our Grain Merchandising and Milling segment, we have we have 298 commodity storage facilities, which are located close to agricultural production areas or export locations. We also have 29 port terminals in key export locations throughout the world.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

17 edited+0 added−2 removed30 unchanged
Biggest changePeriod Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs October 1, 2024 - October 31, 2024 — $ — — $ 800,001,209 November 1, 2024 - November 30, 2024 (1) 5,709,833 $ 87.57 5,709,833 $ 800,001,300 December 1, 2024 - December 31, 2024 — $ — — $ 800,001,300 Total 5,709,833 $ 87.57 5,709,833 (1) As discussed above, on November 13, 2024, the Board authorized the repurchase of an additional $500 million of its issued and outstanding registered shares, under the existing share repurchase program. 37 Table of Contents Any repurchases may be made from time to time through a variety of means, including in the open market, in privately negotiated transactions or through other means as determined by us, and in compliance with applicable legal requirements.
Biggest changePeriod Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs October 1, 2025 - October 31, 2025 76,564 $ 79.77 76,564 $ 249,393,453 November 1, 2025 - November 30, 2025 — $ — — $ 249,393,453 December 1, 2025 - December 31, 2025 — $ — — $ 249,393,453 Total 76,564 $ 79.77 76,564 Any repurchases may be made from time to time through a variety of means, including in the open market, in privately negotiated transactions or through other means as determined by us, and in compliance with applicable legal requirements.
We paid quarterly dividend distributions on the Bunge Global registered shares of $0.6625 per share in the first quarter of 2024, and $0.68 per share in the remaining three quarters of 2024.
We paid quarterly dividend distributions on Bunge Global registered shares of $0.6625 per share in the first quarter of 2024, and $0.68 per share in of the remaining three quarters of 2024.
The graph sets the beginning value of our shares and the indices at $100 and assumes that all dividends are reinvested. All index values are weighted by the capitalization of the companies included in the index. Note: Prepared by Zacks Investment Research, Inc. Used with permission. All rights reserved. Copyright 1980-2025. Note: Index Data: Copyright Standard and Poor's, Inc.
The graph sets the beginning value of our shares and the indices at $100 and assumes that all dividends are reinvested. All index values are weighted by the capitalization of the companies included in the index. Note: Prepared by Zacks Investment Research, Inc. Used with permission. All rights reserved. Copyright 1980-2026. Note: Index Data: Copyright Standard and Poor's, Inc.
(d) Securities Authorized for Issuance Under Equity Compensation Plans The following table sets forth certain information, as of December 31, 2024, with respect to our long-term equity incentive compensation plans.
(d) Securities Authorized for Issuance Under Equity Compensation Plans The following table sets forth certain information, as of December 31, 2025, with respect to our long-term equity incentive compensation plans.
The following table is a summary of purchases of equity securities during the fourth quarter of 2024 by Bunge and any of its affiliated purchasers.
The following table is a summary of purchases of equity securities during the fourth quarter of 2025 by Bunge and any of its affiliated purchasers.
No additional awards may be granted under the 2016 Equity Incentive Plan or the 2009 Bunge Equity Incentive Plan. 36 Table of Contents (e) Performance Graph The performance graph shown below compares the quarterly change in cumulative total shareholder return on our shares with the S&P 500 Stock Index and the S&P Food Products Index from December 31, 2019 through the quarter ended December 31, 2024.
No additional awards may be granted under the 2016 Equity Incentive Plan or the 2009 Bunge Equity Incentive Plan. 30 Table of Contents (e) Performance Graph The performance graph shown below compares the quarterly change in cumulative total shareholder return on our shares with the S&P 500 Stock Index and the S&P Food Products Index from December 31, 2020 through the quarter ended December 31, 2025.
On May 15, 2024, shareholders of Bunge Global SA approved a cash dividend distribution in the amount of $2.72 per share, payable in four equal quarterly installments of $0.68 per share beginning in the second quarter of fiscal year 2024 and ending in the first quarter of fiscal year 2025.
On May 15, 2025, shareholders of Bunge Global SA approved a cash dividend distribution in the amount of $2.80 per share, payable in four equal quarterly installments of $0.70 per share beginning in the second quarter of fiscal year 2025 and ending in the first quarter of fiscal year 2026.
(a) (b) (c) Plan category Number of Securities to be Issued Upon Vesting/Exercise of Outstanding Options, Warrants and Rights (2) Weighted-Average Exercise Price Per Share of Outstanding Options, Warrants and Rights (3) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (4) Long-term equity compensation plans approved by shareholders (1) 3,362,346 $ 53.71 5,090,409 (1) Includes our 2024 Long-Term Incentive Plan, 2016 Equity Incentive Plan, 2009 Equity Incentive Plan, and 2017 Non-Employee Directors Equity Incentive Plan (collectively, the "Plans").
(a) (b) (c) Plan category Number of Securities to be Issued Upon Vesting/Exercise of Outstanding Options, Warrants and Rights (2) Weighted-Average Exercise Price Per Share of Outstanding Options, Warrants and Rights (3) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (4) Long-term equity compensation plans approved by shareholders (1) 3,923,030 $ 52.40 3,746,034 (1) Includes our 2024 Long-Term Incentive Plan, 2016 Equity Incentive Plan, 2009 Equity Incentive Plan, and 2017 Non-Employee Directors Equity Incentive Plan (collectively, the "Plans").
Due to, among other things, the time delay between the sale to the 38 Table of Contents company and the institutional investors’ receipt of the refund, the price companies pay to repurchase their shares has historically been slightly higher (but less than 1.0%) than the price of such companies’ shares in ordinary trading on the SIX Swiss Exchange first trading line.
Due to, among other things, the time delay between the sale to the company and the institutional investors’ receipt of the refund, the price companies pay to repurchase their shares has historically been slightly higher (but less than 1.0%) than the price of such companies’ shares in ordinary trading on the SIX Swiss Exchange first trading line. 32 Table of Contents We do not expect to use the SIX Swiss Exchange second trading line process to repurchase our shares because we do not intend to list our shares on the SIX Swiss Exchange.
(b) Approximate Number of Holders of Common Stock To our knowledge, based on information provided by Computershare Investor Services LLC, our transfer agent, as of December 31, 2024, we had 133,964,235 registered shares issued and outstanding, which were held by approximately 66 registered holders. 35 Table of Contents (c) Dividends We have historically paid and expect to continue to pay dividend distributions to holders of registered shares on a quarterly basis.
(b) Approximate Number of Holders of Common Stock To our knowledge, based on information provided by Computershare Investor Services LLC, our transfer agent, as of December 31, 2025, we ha d 193,408,656 registered shares issued and outstanding, which were held by approximately 67 registered holders. 29 Table of Contents (c) Dividends We have historically paid and expect to continue to pay dividend distributions to holders of registered shares on a quarterly basis.
(2) Includes non-statutory stock options outstanding as to 1,524,007 registered shares, performance-based restricted stock unit awards as to 643,292 registered shares, and 1,195,047 unvested and time-based restricted stock units outstanding (including dividend equivalents payable in shares) under our Plans noted in (1) above.
(2) Includes non-statutory stock options outstanding as to 1,393,529 registered shares, performance-based restricted stock unit awards as to 801,838 registered shares, and 1,727,663 unvested and time-based restricted stock units outstanding (including dividend equivalents payable in shares) under our Plans noted in (1) above.
Awards under the plan may be in the form of statutory or non-statutory stock options, restricted stock units (including performance-based), or other awards that are based on the value of our registered shares.
(4) Shares available under our 2024 Long-Term Incentive Plan may be used for any type of award authorized under the plan. Awards under the plan may be in the form of statutory or non-statutory stock options, restricted stock units (including performance-based), or other awards that are based on the value of our registered shares.
The timing and number of any shares repurchased will depend on a variety of factors, including share price and market conditions, and the program may be suspended or discontinued at any time at our discretion.
The timing and number of any shares repurchased will depend on a variety of factors, including share price and market conditions, and the program may be suspended or discontinued at any time at our discretion. 31 Table of Contents (g) Swiss Tax Consequences to Our Shareholders The tax consequences discussed below are not a complete analysis or description of all the possible tax consequences that may be relevant to you.
As of December 31, 2024, a total of 19,667,739 shares were repurchased under the program for $1.9 billion with an aggregate purchase authorization of approximately $800 million remaining for repurchases under the program. During the twelve months ended December 31, 2024, Bunge repurchased 12,150,763 shares for $1.1 billion.
As of December 31, 2025, a total of 26,417,080 shares were repurchased under the program for $2.5 billion with an aggregate purchase authorization of approximately $249 million remaining for repurchases under the program. During the twelve months ended December 31, 2025, Bunge repurchased 6,749,341 shares for $551 million.
We paid quarterly dividends on Bunge Limited common shares of $0.625 per share in the first and second quarters of 2023, and $0.6625 per share in the third quarter of 2023 and after the Redomestication paid a quarterly dividend distribution on the Bunge Global registered shares of $0.6625 per share in the fourth quarter of 2023.
We paid quarterly dividend distributions on the Bunge Global registered shares of $0.68 per share in the first quarter of 2025, and $0.70 per share in the remaining three quarters of 2025.
This number excludes outstanding time-based restricted stock unit awards, performance-based restricted stock unit awards, and deferred restricted stock unit awards under our Plans noted in (1) above. (4) Shares available under our 2024 Long-Term Incentive Plan may be used for any type of award authorized under the plan.
(3) Calculated based on non-statutory stock options outstanding under our 2016 Equity Incentive Plan and 2009 Equity Incentive Plan. This number excludes outstanding time-based restricted stock unit awards, performance-based restricted stock unit awards, and deferred restricted stock unit awards under our Plans noted in (1) above.
Dividend equivalent payments that are credited to each participant’s account are paid in our shares at the time the award is settled. (3) Calculated based on non-statutory stock options outstanding under our 2016 Equity Incentive Plan and 2009 Equity Incentive Plan.
As part of the Acquisition of Viterra, 26,862 performance-based restricted stock unit awards and 227,489 time-based restricted stock unit awards were issued to legacy Viterra employees in place of their deferred cash long-term incentives. Further, dividend equivalent payments credited to each participant’s account are paid in our registered shares at the time the award is settled.
Removed
(g) Swiss Tax Consequences to Our Shareholders The tax consequences discussed below are not a complete analysis or description of all the possible tax consequences that may be relevant to you.
Removed
We do not expect to use the SIX Swiss Exchange second trading line process to repurchase our shares because we do not intend to list our shares on the SIX Swiss Exchange.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThis decrease was partially offset by an increase in Other income (expense) - net as highlighted above. • In Merchandising, an increase of 20% was primarily due to higher Gross profit, driven by more favorable results in our ocean freight business. 44 Table of Contents Refined and Specialty Oils Segment Year Ended December 31, (US$ in millions) 2024 2023 % Change Volumes (in thousand metric tons) 9,134 8,908 3 % Net sales $ 12,771 $ 14,603 (13) % Cost of goods sold (11,484) (13,234) (13) % Gross profit 1,287 1,369 (6) % Selling, general and administrative expense (416) (425) (2) % Foreign exchange (losses) gains — net (20) 7 (386) % EBIT attributable to noncontrolling interests (35) (21) 67 % Other (expense) — net (57) (65) (12) % Total Refined and Specialty Oils Segment EBIT $ 759 $ 865 (12) % 2024 Compared to 2023 Refined and Specialty Oils segment Net sales decreased 13%, to $12,771 million for the year ended December 31, 2024, primarily due to lower average sales prices in all regions, driven by a more balanced supply and demand environment and uncertainty related to U.S. biofuel policies, partially offset by increased volumes in Asia due to higher demand for certain products driven by better pricing, as well as increased volumes in North America, primarily due to expanded capacity at our Avondale refinery.
Biggest changeThe decrease was primarily due to lower results in all businesses and regions, as well as foreign exchange losses. 40 Table of Contents Other Oilseeds Processing and Refining Year Ended December 31, (US$ in millions) 2025 2024 2023 2025 Compared to 2024 % Change 2024 Compared to 2023 % Change Volumes (in thousand metric tons) 2,467 2,561 2,414 (4) % 6 % Net sales $ 4,633 $ 4,151 $ 4,237 12 % (2) % Cost of goods sold (4,256) (3,613) (3,829) 18 % (6) % Selling, general and administrative expense (231) (254) (278) (9) % (9) % Foreign exchange (losses) gains – net (8) (21) 1 (62) % 2200 % EBIT attributable to noncontrolling interests (13) (33) (19) (61) % 74 % Other expense – net (7) (15) (1) (53) % 1400 % Income (loss) from affiliates — 1 (17) (100) % 106 % Total Other Oilseeds Processing and Refining Segment EBIT $ 118 $ 216 $ 94 (45) % 130 % 2025 Compared to 2024 Other Oilseeds Processing and Refining segment Net sales increased 12%, to $4,633 million for the year ended December 31, 2025.
Share repurchase program - As noted in Note 22- Equity, on November 13, 2024, Bunge Global SA's Board approved the expansion of an existing program by an additional $500 million bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term.
Share repurchase program - As noted in Note 22- Equity, on November 13, 2024, Bunge Global SA's Board approved the expansion of an existing share repurchase program by an additional $500 million bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term.
We also expect that, from time to time, imbalances will likely exist between oilseed processing capacity and demand for oilseed products in certain regions, which impacts our decisions regarding whether, when, and where to purchase, store, transport, process or sell these commodities, including whether to change the location of or adjust our own oilseed processing capacity.
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, process, or sell these commodities, including whether to change the location of or adjust our own oilseed processing and refining capacity.
The Program is designed to enhance our financial flexibility by providing an additional source of liquidity for our operations. As referenced in Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program , the aggregate size of the program is $1.5 billion, with an accordion feature of $1 billion.
The Program is designed to enhance our financial flexibility by providing an additional source of liquidity for our operations. As referenced in Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program , the aggregate size of the program is $1.5 billion, with an accordion feature of $1 billion.
Additionally, price fluctuations and availability of 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.
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.
Demand for our purchased and processed Agribusiness products is affected by many factors, including global and regional economic 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.
Demand for our purchased and processed agricultural 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.
Cash balances are typically invested in short-term deposits, money market funds, and commercial paper programs with highly-rated financial institutions and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for details regarding the primary factors giving rise to the change in Cash and cash equivalents during the year ended December 31, 2024.
Cash balances are typically invested in short-term deposits, money market funds, and commercial paper programs with highly-rated financial institutions and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for details regarding the primary factors giving rise to the change in Cash and cash equivalents during the year ended December 31, 2025.
Our priorities for 2025 are to maintain the cash generating capacity of our assets through non-discretionary projects, such as maintenance, safety and compliance, as well as discretionary investments in growth and productivity projects, focusing on our strategy to strengthen our oilseeds platform, increase participation in biofuels and plant-based proteins, and grow our value-added oils business.
Our priorities for 2026 are to maintain the cash generating capacity of our assets through non-discretionary projects, such as maintenance, safety and compliance, as well as discretionary investments in growth and productivity projects, focusing on our strategy to strengthen our oilseeds platform, increase participation in biofuels and plant-based proteins, and grow our value-added oils business.
See Note 18- Employee Benefit Plans for further information. 54 Table of Contents Critical Accounting Policies and Estimates Our accounting policies are more fully described in Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies to our consolidated financial statements included as part of this Annual Report on Form 10-K.
See Note 18- Employee Benefit Plans for further information. 51 Table of Contents Critical Accounting Policies and Estimates Our accounting policies are more fully described in Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies to our consolidated financial statements included as part of this Annual Report on Form 10-K.
("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to the aggregate size of the Program. Bunge also retains ownership of a population of unsold receivables. BSBV agrees to guaranty the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables.
("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to the aggregate size of the Program. Bunge also retains ownership of a population of unsold receivables. BSBV agrees to guarantee the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables.
RMI are freely-traded, have quoted market prices, may be sold without significant additional processing and have predictable and insignificant disposal costs (see Note 5- Inventories to our consolidated financial statements for RMI balances as of December 31, 2024).
RMI are freely-traded, have quoted market prices, may be sold without significant additional processing and have predictable and insignificant disposal costs (see Note 5- Inventories to our consolidated financial statements for RMI balances as of December 31, 2025).
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, Switzerland and the United States.
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, the Netherlands, Switzerland, and the United States.
We were in compliance with these covenants as of December 31, 2024. Trade Receivable Securitization Program Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers").
We were in compliance with these covenants as of December 31, 2025. Trade Receivable Securitization Program Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers").
Off-Balance Sheet Arrangements Guarantees and Indemnifications Please refer to Note 20- Commitments and Contingencies to our consolidated financial statements included as part of this Annual Report on Form 10-K for details concerning our off-balance sheet arrangements related to guarantees and indemnifications. 53 Table of Contents Contractual Obligations The following table summarizes our scheduled contractual obligations and their expected maturities at December 31, 2024, and the effect such obligations are expected to have on our liquidity and cash flows in the future periods indicated.
Off-Balance Sheet Arrangements Guarantees and Indemnifications Please refer to Note 20- Commitments and Contingencies to our consolidated financial statements included as part of this Annual Report on Form 10-K for details concerning our off-balance sheet arrangements related to guarantees and indemnifications. 50 Table of Contents Contractual Obligations The following table summarizes our scheduled contractual obligations and their expected maturities at December 31, 2025, and the effect such obligations are expected to have on our liquidity and cash flows in the future periods indicated.
In contrast, foreign currency translation gains or losses on intercompany loans that are not of a permanent nature are recorded in our consolidated statements of income as Foreign exchange (losses) gains - net. Income Taxes As a Swiss corporation, we are subject to corporate income tax at federal, cantonal, and communal levels on our Swiss income.
In contrast, foreign currency translation gains or losses on intercompany loans that are not of a permanent nature are recorded in our consolidated statements of income as Foreign exchange (losses) gains - net. 35 Table of Contents Income Taxes As a Swiss corporation, we are subject to corporate income tax at federal, cantonal, and communal levels on our Swiss income.
As disclosed in Note 1, the preparation of financial statements in conformity with U.S. GAAP requires management to make substantial judgment or estimation in their application that may significantly affect reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates.
As disclosed in Note 1, the preparation of financial statements in conformity with U.S. GAAP requires management to make substantial judgments or estimates in their application that may significantly affect reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates.
As we assess the ongoing expected cash flows and carrying amounts of these assets, changes in these factors could cause us to realize material impairment charges. Investments in Affiliates We have investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment.
As we assess the ongoing expected cash flows and carrying amounts of these assets, changes in these factors could cause us to realize material impairment charges. 54 Table of Contents Investments in Affiliates We have investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment.
Readily marketable inventories ("RMI") comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms.
Readily marketable inventories ("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.
Credit Ratings —Bunge's debt ratings and outlook by major credit rating agencies at December 31, 2024 were as follows: Short-term Debt (1) Long-term Debt Outlook Standard & Poor's A-2 BBB+ CreditWatch Positive Moody's P-2 Baa1 Stable Fitch F-2 BBB+ Stable (1) Short-term debt rating applies only to the commercial paper program with BLFC as the issuer.
Credit Ratings —Bunge's debt ratings and outlook by major credit rating agencies at December 31, 2025 were as follows: Short-term Debt (1) Long-term Debt Outlook Standard & Poor's A-2 A- Stable Moody's P-2 Baa1 Stable Fitch F-2 BBB+ Stable (1) Short-term debt rating applies only to the commercial paper program with BLFC as the issuer.
The Program terminates on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on December 16, 2025, with a feature that permits us to request 364-day extensions. Under the Program's pledge structure, Bunge Securitization B.V.
The Program terminates on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on December 15, 2026, with a feature that permits us to request 364-day extensions. Under the Program's pledge structure, Bunge Securitization B.V.
The commodity nature of the Company's principal products, as 39 Table of Contents well as regional and global supply and demand variations that occur as an inherent part of the business, make volumes an important operating measure.
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.
For the year ended December 31, 2024, we recorded a foreign currency loss on net debt of $174 million largely due to the weakening of the Brazilian real in the current year versus a foreign currency gain on net debt for the year ended December 31, 2023 of $281 million, which were included as adjustments to reconcile Net income to Cash provided by operating activities in the line item "Foreign exchange loss (gain) on net debt" in our consolidated statements of cash flows.
For the year ended December 31, 2025, we recorded a foreign currency gain on net debt of $216 million largely due to the strengthening of the Brazilian real in the current year versus a foreign currency loss on net debt for the year ended December 31, 2024 of $174 million, which were included as adjustments to reconcile Net income to Cash provided by operating activities in the line item "Foreign exchange (gain) loss on net debt" in our consolidated statements of cash flows.
Critical estimates in the determination of fair value under the income approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, profitability, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment.
Critical estimates in the determination of fair value 53 Table of Contents under the income approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, gross profit, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment.
The decrease was also attributable to $5 million in insurance recoveries, related to certain previously damaged property, as well as a business interruption insurance recovery of $38 million related to our Ukrainian operations as a result of the Ukraine-Russia war, both of which were recognized in the current year.
The decrease was also attributable to $5 million in insurance recoveries, related to certain previously damaged property, as well as a business interruption insurance recovery of $6 million related to our Ukrainian operations as a result of the Ukraine-Russia war, both of which were recognized in 2024.
The decrease was also attributable to $1 million in insurance recoveries, related to certain previously damaged property, as well as a business interruption insurance recovery of $14 million related to our Ukrainian operations as a result of the Ukraine-Russia war, both of which were recognized in the current year.
The decrease was also attributable to $1 million in insurance recoveries, related to certain previously damaged property, as well as a business interruption insurance recovery of $46 million related to our Ukrainian operations as a result of the Ukraine-Russia war, both of which were recognized in 2024.
We expect that the factors described above will continue to affect global supply and demand for our Agribusiness products for the foreseeable future.
We expect that the factors described above will continue to affect global supply and demand for our agricultural commodity products for the foreseeable future.
We review our investments annually or when an event or circumstances indicate that a potential decline in value may be other than temporary.
We review our investments annually or when events or circumstances indicate that a potential decline in value may be other than temporary.
Generally, during periods when commodity prices are rising, our Agribusiness operations require increased use of cash to support working capital to acquire inventories and fund daily settlement requirements on exchange traded futures that we use to minimize price risk related to the purchase and sale of our inventories. 2024 Compared to 2023 For the year ended December 31, 2024, our cash and cash equivalents, restricted cash, and cash held for sale increased $705 million, compared to an increase of $1,471 million for the year ended December 31, 2023.
Generally, during periods when commodity prices are rising, our agribusiness operations require increased use of cash to support working capital to acquire inventories and fund daily settlement requirements on exchange traded futures that we use to minimize price risk related to the purchase and sale of our inventories. 2025 Compared to 2024 For the year ended December 31, 2025, our cash and cash equivalents and restricted cash decreased $2,162 million, compared to an increase of $705 million for the year ended December 31, 2024.
The decrease was primarily due to lower reported net income during the year ended December 31, 2024 compared to the year ended December 31, 2023 as discussed in 52 Table of Contents the Segment Overview & Results of Operations section above as well as an overall reduction to net changes in working capital driven by the drivers discussed in Working Capital section above.
The decrease was primarily due to lower reported net income during the year ended December 31, 2025 compared to the year ended December 31, 2024 as discussed in the Segment Overview and Results of Operations section above as well as an overall reduction to net changes in working capital driven by the drivers discussed in Working Capital section above.
Following the announcement of the Viterra Acquisition and the related financing activity described above, all three rating agencies reviewed our credit ratings and published updated credit opinions on us, reflecting their views of the credit profile of the Company both on a current standalone basis, and a pro-forma at closing basis.
Following the announcement of the Viterra Acquisition, all three rating agencies reviewed our credit ratings and published updated credit opinions on us, reflecting their views of the credit profile of the Company both on a standalone basis, and a pro-forma at closing basis.
See Note 15- Fair Value Measurements to our consolidated financial statements for further details of commodity inventories and forward purchase and sale contracts on these inventories carried at fair value. 55 Table of Contents Derivatives - Designated Hedging Activities We manage currency risk on certain forecasted purchases, sales and selling, general and administrative expenses with currency forwards designated as cash flow hedges.
See Note 15- Fair Value Measurements to our consolidated financial statements for further details of commodity inventories and forward purchase and sale contracts on these inventories carried at fair value. 52 Table of Contents Derivatives - Designated Hedging Activities We manage currency risk on certain forecasted purchases, sales and selling, general and administrative expenses with currency forwards designated as cash flow hedges a nd we utilize cross-currency swaps to manage currency risk on foreign currency-denominated debt .
If it is determined that the derivative hedging instruments are no longer effective at offsetting changes in the price of the hedged item, then the changes in the market value of the derivative instrument would be recorded immediately in the consolidated statements of income in the same caption as the hedged items.
If it is determined that the derivative hedging instruments are no longer effective at offsetting changes in the cash flows of the hedged item attributable to changes in currency exchange rates, then the changes in the market value of the derivative instrument would be recorded immediately in the consolidated statements of income in the same caption as the hedged items.
We determined equal emphasis was appropriate as the DCF method captured the growth and margin expectations specific to the reporting units; whereas the GPC method captured market-specific factors using a reasonably similar set of guideline public companies.
We determined equal weight was appropriate as the DCF method captured the growth and gross profit expectations specific to the reporting unit; whereas the GPC method captured market-specific factors using a reasonably similar set of guideline public companies.
This adjustment is required as the gains and losses are non-cash items that arise from financing activities and therefore will have no impact on cash flows from operations. Investing: Cash used for investing activities was $1,114 million for the year ended December 31, 2024 compared to $1,009 million for the year ended December 31, 2023, an increase of $105 million.
This adjustment is required as the gains and losses are non-cash items that arise from financing activities and therefore will have no impact on cash flows from operations. 49 Table of Contents Investing: Cash used for investing activities was $5,227 million for the year ended December 31, 2025 compared to $1,114 million for the year ended December 31, 2024, an increase of $4,113 million.
Determining fair value requires significant estimates and assumptions based on an evaluation of a number of factors, including market participants, projected growth rates, the amounts and timing of future cash flows, the discount rates applied to the cash flows, and the determination of useful life of an asset. Our goodwill balance is not amortized to expense.
Determining fair value requires significant estimates and assumptions based on an evaluation of a number of factors, including market participants, projected growth rates, replacement cost, the amounts and timing of future cash flows, the discount rates applied to the cash flows, and the determination of useful life of an asset.
See the reconciliation of Net income attributable to Bunge to Total EBIT below. 2024 Overview Net Income Attributable to Bunge Shareholders - For the year ended December 31, 2024, Net income attributable to Bunge shareholders was $1,137 million, a decrease of $1,106 million compared to a Net income attributable to Bunge shareholders of $2,243 million for the year ended December 31, 2023.
See the reconciliation of Net income attributable to Bunge shareholders to Total EBIT below. 2025 Overview Net Income Attributable to Bunge Shareholders - For the year ended December 31, 2025, Net income attributable to Bunge shareholders was $816 million, a decrease of $321 million compared to a Net income attributable to Bunge shareholders of $1,137 million for the year ended December 31, 2024.
Both translation of our foreign subsidiaries' financial statements and foreign currency transactions can affect our results. On a monthly basis, for subsidiaries whose functional currency is a currency other than the U.S. dollar, subsidiary statements of income and cash flows must be translated into U.S. dollars for consolidation purposes based on weighted-average exchange rates in each monthly period.
On a monthly basis, for subsidiaries whose functional currency is a currency other than the U.S. dollar, subsidiary statements of income and cash flows must be translated into U.S. dollars for consolidation purposes based on weighted-average exchange rates in each monthly period.
The decrease was due to the following: • In Processing, Net sales decreased 11%, primarily due to lower average sales prices experienced in all regions for our global soybean oilseed processing businesses as well as our Europe softseed businesses, driven by relative price stabilization due to a more balanced supply and demand environment, in addition to overall lower volumes in our global soybean oilseed processing businesses.
The decrease was primarily due to lower average sales prices experienced in almost all regions for our global soybean oilseed processing businesses, driven by relative price stabilization due to a more balanced supply and demand environment, in addition to overall lower volumes in our global soybean oilseed processing business.
Interest expense decreased 9% to $471 million for the year ended December 31, 2024. Higher interest income is the result of higher balances in cash and cash equivalents in the current year. Lower interest expense is the result of lower interest rates.
Higher interest income is the result of higher balances in cash and cash equivalents for the year ended December 31, 2024. Lower interest expense is the result of lower interest rates.
Assuming normal market conditions, the change in the market value of such derivative instruments has historically been, and is expected to continue to be, highly effective at offsetting changes in price movements of the hedged item.
Assuming normal market conditions, the change in the market value of such derivative instruments has historically been, and is expected to continue to be, highly effective at offsetting changes in the cash flows of the hedged item attributable to changes in currency exchange rates.
If we determine that we can realize a deferred tax asset in excess of our net recorded amount, we decrease the valuation allowance, thereby decreasing income tax expense. Conversely, if we determine that we are unable to realize all or part of our net deferred tax asset, we increase the valuation allowance, thereby increasing income tax expense.
Conversely, if we determine that we are unable to realize all or part of our net deferred tax asset, we increase the valuation allowance, thereby increasing income tax expense.
Cash Flows Year ended December 31, (US$ in millions) 2024 2023 Cash provided by operating activities $ 1,900 $ 3,308 Cash used for investing activities (1,114) (1,009) Cash used for financing activities (90) (856) Effect of exchange rate changes on cash and cash equivalents and restricted cash 9 28 Net increase in cash and cash equivalents and restricted cash $ 705 $ 1,471 Our cash flows from operations vary depending on, among other items, Net income and the market prices and timing of the purchase and sale of our inventories.
Cash Flows Year ended December 31, (US$ in millions) 2025 2024 Cash provided by operating activities $ 844 $ 1,900 Cash used for investing activities (5,227) (1,114) Cash provided by (used for) financing activities 2,229 (90) Effect of exchange rate changes on cash and cash equivalents and restricted cash (8) 9 Net (decrease) increase in cash and cash equivalents and restricted cash $ (2,162) $ 705 Our cash flows from operations vary depending on, among other items, Net income and the market prices and timing of the purchase and sale of our inventories.
Operating: Cash provided by operating activities was $1,900 million for the year ended December 31, 2024, compared to $3,308 million for the year ended December 31, 2023, a decrease of $1,408 million.
Operating: Cash provided by operating activities was $844 million for the year ended December 31, 2025, compared to $1,900 million for the year ended December 31, 2024, a decrease of $1,056 million.
Registered Senior Notes — BLFC, a wholly owned finance subsidiary of Bunge, had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at December 31, 2024.
Registered Senior Notes — BLFC had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at December 31, 2025.
Bunge also uses Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate segment operating performance of Bunge’s 41 Table of Contents Core reportable segments, Non-core reportable segments, and Total reportable segments together with Corporate and Other.
Bunge also uses Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate the operating performance of Bunge’s reportable segments and Total reportable segments together with Corporate and Other activities.
During 2024, we increased valuation allowances by $5 million, primarily attributable to current year operations offset by currency movement in certain jurisdictions. The calculation of our uncertain tax positions involves complexities in the application of intricate tax regulations in a multitude of jurisdictions across our global operations.
During 2025, we increased valuation allowances by $295 million, primarily attributable to purchase accounting recorded through goodwill, with a small portion related to current year operations offset by currency movement in certain jurisdictions. The calculation of our uncertain tax positions involves complexities in the application of intricate tax regulations in a multitude of jurisdictions across our global operations.
The following table summarizes these facilities for the years presented: Committed Capacity Incremental Commitments (2) Borrowings Outstanding Revolving Credit Facilities (1) Maturities December 31, 2024 December 31, 2024 December 31, 2023 $1.1 Billion 364-day Revolving Credit Agreement 2025 $ 1,100 $ — $ — $ — $3.2 Billion 5-year Revolving Credit Agreement 2029 1,950 1,250 — — $3.5 Billion 3-year Revolving Facility Agreement 2026 1,750 1,750 — — $865 Million 5-year Revolving Credit Facility 2026 865 — — — Total Revolving Credit Facilities $ 5,665 $ 3,000 $ — $ — (1) See Note 17- Debt for further information on these programs.
The following table summarizes these facilities for the years presented: Committed Capacity Borrowings Outstanding Revolving Credit Facilities (1) Maturities December 31, 2025 December 31, 2025 December 31, 2024 $1.1 Billion 364-day Revolving Credit Agreement 2026 $ 1,100 $ — $ — $3.5 Billion Revolving Facility Agreement 2028 3,500 600 — $4.2 Billion Revolving Credit Agreement 2030 4,200 — — $865 Million Revolving Credit Agreement 2030 865 — — Total Revolving Credit Facilities $ 9,665 $ 600 $ — (1) See Note 17- Debt for further information on these programs.
Segment Overview and Results of Operations 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.
Segment Overview and Results of Operations As 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.
Our estimation techniques often employ probability weighting, assigning probabilities to various outcomes and weighting the associated costs accordingly, based on consultations with internal experts. Changes in these assumptions and estimates could impact the recorded liability.
Our estimation techniques often employ probability weighting, assigning probabilities to various outcomes and weighting the associated costs accordingly, based on consultations with internal experts. Changes in these assumptions and estimates could impact the recorded liability. For additional information on indemnifications, see Note 20- Commitments and Contingencies to our consolidated financial statements.
The decrease was partially offset by an 43 Table of Contents increase in volumes in our global corn and oils businesses, primarily due to fewer supply constraints compared to the prior period. Cost of goods sold decreased 7%, to $36,684 million for the year ended December 31, 2024.
The decrease was partially offset by an increase in volumes in our global corn business, primarily due to fewer supply constraints compared to the prior period. Cost of goods sold decreased 13%, to $9,458 million for the year ended December 31, 2024.
Cost of goods sold decreased 13%, to $11,484 million for the year ended December 31, 2024. The decrease in Cost of goods sold was primarily due to lower prices in all regions, as described in Net sales above, in addition to favorable mark-to-market results. SG&A expenses decreased 2%, to $416 million for the year ended December 31, 2024.
Cost of goods sold decreased 6%, to $3,613 million for the year ended December 31, 2024. The decrease in Cost of goods sold was primarily due to lower prices, as described in Net sales above, in addition to more favorable mark-to-market results. SG&A expenses decreased 9%, to $254 million for the year ended December 31, 2024.
The decrease was primarily due to the following: • In Processing, Cost of goods sold decreased 7%, primarily due to lower Net sales and the non-recurrence of a prior year fixed asset impairment charge in North America.
The decrease in Cost of goods sold was primarily due to lower prices in all regions, as described in Net sales above and the non-recurrence of a prior year fixed asset impairment charge in North America.
EBIT - For the year ended December 31, 2024, Total EBIT was $1,792 million, a decrease of $1,541 million compared to EBIT of $3,333 million for the year ended December 31, 2023.
Total EBIT - For the year ended December 31, 2025, Total EBIT was $1,533 million, a decrease of $259 million compared to Total EBIT of $1,792 million for the year ended December 31, 2024.
Further, Total EBIT excludes EBIT attributable to noncontrolling interests 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.
GAAP and should not be considered as an alternative to Net income or any other measure of consolidated operating results under U.S. GAAP.
Profitability in this segment is affected by the availability and market prices of agricultural commodities and processed commodity products and the availability and costs of energy, transportation, and logistics services. Profitability in our processing operations is also impacted by volumes procured, processed, and sold and by capacity utilization rates.
Overview Profitability in our reportable segments is affected by the availability and market prices of agricultural commodities, including oilseeds and grains, 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.
Short-term debt - Short-term debt, including the Current portion of long-term debt, was $1,544 million at December 31, 2024, an increase of $742 million from $802 million at December 31, 2023.
Short-term debt - Short-term debt, including the Current portion of long-term debt, was $5,220 million at December 31, 2025, an increase of $3,676 million from $1,544 million at December 31, 2024.
The net loss in the current year was the result of losses in our processing business, primarily due to the impact of a stronger U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations.
The net loss in 2024 was primarily the result of the impact of a stronger U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations.
The decrease was primarily due to unfavorable results from equity method investments in South America, as well as a $19 million impairment charge in the current period associated with a minority investment in North America. Segment EBIT decreased 53% to $1,301 million for the year ended December 31, 2024.
Income (loss) from affiliates decreased 467%, to a net loss of $51 million for the year ended December 31, 2024. The decrease was primarily due to unfavorable results from equity method investments in South America, as well as a $19 million impairment charge associated with a minority investment in North America.
Earnings Per Share - Diluted - For the year ended December 31, 2024, Net income attributable to Bunge shareholders - diluted, was $7.99 per share, a decrease of $6.88 per share, compared to $14.87 per share for the year ended December 31, 2023.
Net Income Attributable to Bunge Shareholders - Earnings Per Share - Diluted - For the year ended December 31, 2025, Net income attributable to Bunge shareholders - diluted, was $4.91 per share, a decrease of $3.08 per share, compared to $7.99 per share for the year ended December 31, 2024.
The decrease in working capital was primarily due to a higher Current portion of long-term debt balance, lower Inventories and lower Trade accounts receivables, net, partially offset by lower Trade accounts payable balances and higher Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below.
The increase in working capital was primarily due to higher Inventories, Trade accounts receivables, and Other current assets, partially offset by higher Short-term debt, Trade accounts payable, Other current liabilities, and lower Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below.
For a comparison of results of operations for the fiscal years ended December 31, 2023 and 2022, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of Bunge Global SA's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 22, 2024.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of Bunge Global SA's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025.
Critical estimates in the determination of fair value under the market approach include, but are not limited to, determination of the guideline public companies and selection of the market multiples.
Critical estimates in the determination of fair value under the market approach include, but are not limited to, determination of the guideline public companies and selection of the market multiples. Changes in judgment related to these assumptions and estimates could result in goodwill impairment charges.
The decrease was primarily driven by an increase in SG&A expense resulting from increased acquisition and integration costs associated with the announced acquisition of Viterra, partially offset by lower variable compensation expense. The company recognized acquisition and integrations costs within Corporate and Other EBIT of $244 million, and $114 million for the years ended December 31, 2024, and 2023, respectively.
The increase in SG&A expense was the result of increased acquisition and integration costs associated with the Acquisition of Viterra. The company recognized acquisition and integration costs within Corporate and Other EBIT of $244 million, and $114 million for the years ended December 31, 2024, and 2023, respectively.
The decrease was partially offset by the lack of mark-to-market gains from the recovery of inventory in Ukraine recognized in the prior period. Foreign exchange losses - net was a loss of $171 million for the year ended December 31, 2024 .
The decrease was partially offset by less favorable mark-to-market results in 2024 as well as the absence of mark-to-market gains from the recovery of inventory in Ukraine recognized in 2023. Foreign exchange gains (losses) - net decreased 187%, to a loss of $27 million for the year ended December 31, 2024.
Total RMI reported at fair value were $5,224 million and $5,837 million at December 31, 2024 and 2023 , respectively (see Note 5- Inventories, to our consolidated financial statements). Other current assets - Other current assets were $4,008 million at December 31, 2024, a decrease of $43 million from $4,051 million at December 31, 2023.
Total RMI reported at fair value were $11,361 million and $5,224 million at December 31, 2025 and 2024 , respectively (see Note 5- Inventories, to our consolidated financial statements). Other current assets - Other current assets were $6,188 million at December 31, 2025, an increase of $2,180 million from $4,008 million at December 31, 2024.
In estimating the fair value of a reporting unit for the purposes of our annual or periodic impairment analysis, we make estimates and significant judgments about the future cash flows of that reporting unit aligned with management’s strategic business plans. Changes in judgment related to these assumptions and estimates could result in goodwill impairment charges.
In estimating the fair value of a reporting unit for the purposes of our annual or periodic impairment analysis, we make estimates and significant judgments about the future cash flows of that reporting unit aligned with management’s strategic business plans. We believe the assumptions and estimates used are appropriate based on the information currently available to management.
The decrease was primarily due to lower Core Segment EBIT, as further discussed in the Segment Overview & Results of Operations section below, partially offset by lower income tax expense as discussed further below.
The decrease was primarily due to lower Corporate 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, and lower income tax expense as discussed further below.
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.
Bunge’s management believes Segment EBIT, Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of performance 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.
The short-term credit ratings of the commercial paper program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding.
Commercial Paper Program - The following table summarizes the facility as of the periods presented: (US$ in millions) Program Capacity Borrowings Outstanding Commercial Paper Program (1) December 31, 2025 December 31, 2025 December 31, 2024 $3 Billion Commercial Paper Program $ 3,000 $ 300 $ — (1) The short-term credit ratings of the commercial paper program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding.
Future changes in judgment related to the ultimate resolution of 57 Table of Contents unrecognized tax benefits will affect the earnings in the quarter of such change. At December 31, 2024, we had recorded uncertain tax positions of $75 million in our consolidated balance sheet.
Future changes in judgment related to the ultimate resolution of unrecognized tax benefits will affect the earnings in the quarter of such change. At December 31, 2025, we had recorded uncertain tax positions of $77 million in our consolidated balance sheet. For additional information on income taxes, please refer to Note 14- Income Taxes to our consolidated financial statements.
The decrease described above was partially offset by the absence of recurring prior year impairment charges of $20 million, reported in in Other income - net, related to a long-term investment and $16 million, reported in Income (loss) from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients.
The EBIT decrease was partially offset by a $195 million gain, in 2024, on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other (expense) income – net, and 2023 impairment charges of $20 million, reported in Other (expense) income - net, related to a long-term investment and $16 million, reported in (Loss) income from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients.
(2) Represents future minimum payments under non-cancelable leases with initial terms of one year or more. Minimum lease payments have not been reduced by minimum sublease income receipts of $57 million due in future periods under non-cancelable subleases. (3) Represents purchase commitments for time on ocean freight vessels and railroad freight lines for the purpose of transporting agricultural commodities.
(2) Represents future minimum payments under non-cancelable leases with initial terms of one year or more. Minimum lease payments have not been reduced by minimum sublease income receipts of $73 million due in future periods under non-cancelable subleases.
At this time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities; therefore, such amounts are not included in the above contractual obligations table. See Note 14- Income Taxes to our consolidated financial statements.
As of December 31, 2025, Bunge had uncertain income tax liabilities of $77 million, including interest and penalties. At this time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities; therefore, such amounts are not included in the above contractual obligations table.
In addition, Bunge's operating companies had $875 million and $797 million in short-term borrowings outstanding from local bank lines of credit at December 31, 2024, and 2023, respectively, to support working capital requirements. As described in Note 2- Acquisitions and Dispositions , we have secured a total of $8.0 billion in acquisition debt financing ("Acquisition Financing").
In addition, Bunge's operating companies had $2,083 million and $875 million in short-term borrowings outstanding from local bank lines of credit at December 31, 2025, and 2024, respectively, to support working capital requirements.
(US$ in millions) Aggregate Principal Amount Outstanding Balance Outstanding 1.63% Senior Notes due 2025 $ 600 599 3.25% Senior Notes due 2026 700 699 3.75% Senior Notes due 2027 600 598 4.10% Senior Notes due 2028 400 397 4.20% Senior Notes due 2029 800 793 2.75% Senior Notes due 2031 1,000 993 4.65% Senior Notes due 2034 800 790 Bunge unconditionally guarantees BLFC's obligations with respect to the BLFC Notes.
(US$ in millions) Aggregate Principal Amount Outstanding Balance Outstanding 2.00% Senior Notes due 2026 $ 580 575 3.25% Senior Notes due 2026 700 700 4.90% Senior Notes due 2027 440 443 3.75% Senior Notes due 2027 600 599 4.10% Senior Notes due 2028 400 398 4.20% Senior Notes due 2029 800 794 4.55% Senior Notes due 2030 650 645 3.20% Senior Notes due 2031 599 557 2.75% Senior Notes due 2031 1,000 994 5.25% Senior Notes due 2032 300 307 4.65% Senior Notes due 2034 800 791 5.15% Senior Notes due 2035 650 643 Bunge unconditionally guarantees BLFC's obligations with respect to the BLFC Notes.
As of December 31, 2024, a total of 19,667,739 shares were repurchased under the program for $1.9 billion with an aggregate purchase authorization of approximately $800 million remaining outstanding for repurchases under the program. During the twelve months ended December 31, 2024, Bunge repurchased 12,150,763 shares for $1.1 billion.
As of December 31, 2025, a total of 26,417,080 shares were repurchased under the program for $2.5 billion with an aggregate purchase authorization of approximately $249 million remaining outstanding for repurchases under the program. During the twelve months ended December 31, 2025, Bunge repurchased 6,749,341 shares for $551 million.
See Note 8- Goodwill, to our consolidated financial statements. 56 Table of Contents Property, Plant and Equipment and Other Finite-Lived Intangible Assets Long-lived assets include property, plant and equipment and other finite-lived intangible assets. Property, plant and equipment and finite-lived intangible assets are depreciated or amortized over their estimated useful life on a straight line basis.
Property, plant and equipment and finite-lived intangible assets are depreciated or amortized over their estimated useful life on a straight line basis.
Interest —A summary of consolidated interest income and expense follows: Year Ended December 31, (US$ in millions) 2024 2023 % Change Interest income $ 163 $ 148 10 % Interest expense (471) (516) (9) % 2024 Compared to 2023 Interest income increased 10% to $163 million for the year ended December 31, 2024.
See Note 2- Acquisitions and Dispositions in the consolidated financial statements for further details regarding the Company's disposition of BP Bunge Bioenergia. 43 Table of Contents Interest —A summary of consolidated interest income and expense follows: Year Ended December 31, (US$ in millions) 2025 2024 2023 2025 Compared to 2024 % Change 2024 Compared to 2023 % Change Interest income $ 202 $ 163 $ 148 24 % 10 % Interest expense (628) (471) (516) 33 % (9) % 2025 Compared to 2024 Interest income increased 24%, to $202 million for the year ended December 31, 2025.
See Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements. 51 Table of Contents Equity Total equity is set forth in the following table: December 31, (US$ in millions) 2024 2023 Registered shares $ 1 $ 1 Additional paid-in capital (1) 5,325 5,900 Retained earnings 12,838 12,077 Accumulated other comprehensive loss (6,702) (6,054) Treasury shares, at cost (2024—21,318,307 and 2023—16,109,804) (1) (1,549) (1,073) Total Bunge shareholders' equity 9,913 10,851 Noncontrolling interests 1,032 963 Total equity $ 10,945 $ 11,814 (1) In the fourth quarter of 2024, Bunge Global SA cancelled 6,146,930 shares held in treasury totaling $572 million.
Equity Total equity is set forth in the following table: December 31, (US$ in millions) 2025 2024 Registered shares $ 2 $ 1 Additional paid-in capital (1) 9,841 5,325 Retained earnings 13,152 12,838 Accumulated other comprehensive loss (6,084) (6,702) Treasury shares, at cost (2025—15,103,107 and 2024—21,318,307) (1) (1,007) (1,549) Total Bunge shareholders' equity 15,904 9,913 Noncontrolling interests 1,465 1,032 Total equity $ 17,369 $ 10,945 (1) In the fourth quarters of 2025 and 2024, Bunge Global SA cancelled 12,382,610 and 6,146,930 shares held in treasury totaling $1,045 million and $572 million, respectively.
For additional information on income taxes, please refer to Note 14- Income Taxes to our consolidated financial statements. Recoverable Taxes We evaluate the collectability of our recoverable taxes and record allowances if we determine that collection is doubtful.
Recoverable Taxes We evaluate the collectability of our recoverable taxes and record allowances if we determine that collection is doubtful.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThis increased risk is monitored through, among other 58 Table of Contents things, exposure reporting, increased communication with key counterparties, management reviews, and specific focus on counterparties or groups of counterparties that we may determine as high risk. We have reduced exposures and associated position limits in certain cases.
Biggest changeDuring periods of tight conditions in global credit markets, downturns in regional or global economic conditions, and/or significant price volatility, credit and counterparty risks are heightened. This increased risk is monitored through, among other things, exposure reporting, increased communication with key counterparties, management reviews, and specific focus on counterparties or groups of counterparties that we may determine as high risk.
Our time charter agreements generally have terms ranging from two months to approximately three years. We use financial derivatives, generally freight forward agreements, to hedge portions of our ocean freight costs. The ocean freight derivatives are included in Other current assets and Other current liabilities on the consolidated balance sheets at fair value.
Our time charter agreements generally have terms ranging from two months to approximately five years. We use financial derivatives, generally freight forward agreements, to hedge portions of our ocean freight costs. The ocean freight derivatives are included in Other current assets and Other current liabilities on the consolidated balance sheets at fair value.
As a result, we purchase and produce various materials, many of which are agricultural commodities, including: soybeans, soybean oil, soybean meal, palm oil (from crude to various degrees of refined products), softseeds (including sunflower seed, rapeseed, and canola) and related oil and meal derived from them, wheat, barley, shea nut, and corn.
As a result, we purchase and produce various materials, many of which are agricultural commodities, including soybeans, soybean oil, soybean meal, palm oil (from crude to various degrees of refined products), softseeds (including sunflower seed, rapeseed, and canola) and related oil and meal derived from them, wheat, barley, shea nut, corn, sugar, and cotton.
We generally use exchange-traded futures and options contracts to minimize the effects of 60 Table of Contents changes in the prices of agricultural commodities held as inventories or subject to forward purchase and sale contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices.
We generally use exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities held as inventories or subject to forward purchase and sale contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices.
We have established policies that limit the amount of unhedged fixed price agricultural commodity positions permissible for our operating companies, which are generally a combination of volumetric, drawdown, and value-at-risk ("VaR") limits. We measure and review our commodity positions on a daily basis.
We have established policies that limit the amount of unhedged fixed price agricultural commodity positions permissible for our operating companies, which are 56 Table of Contents generally a combination of volumetric, drawdown, and value-at-risk ("VaR") limits. We measure and review our commodity positions on a daily basis.
Changes in the fair values of energy derivatives are recorded in Cost of goods sold. Other Derivatives —We may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives, to manage our exposure to credit risk and broader macroeconomic risks.
Changes in the fair values of energy derivatives are recorded in Cost of goods sold. 58 Table of Contents Other Derivatives —We may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives, to manage our exposure to credit risk and broader macroeconomic risks.
The changes in market value of such contracts have a high correlation to the price changes in the related currency exposures. 59 Table of Contents The potential loss in fair value of such net currency positions resulting from a hypothetical 10% adverse change in foreign currency exchange rates as of December 31, 2024, was not material.
The changes in market value of such contracts have a high correlation to the price changes in the related currency exposures. The potential loss in fair value of such net currency positions resulting from a hypothetical 10% adverse change in foreign currency exchange rates as of December 31, 2025, was not material.
A hypothetical 100 basis point change in the applicable reference rate, such as SOFR, would result in a change of approximately $44 million in our interest expense on our variable rate debt at December 31, 2024.
A hypothetical 100 basis point change in the applicable reference rate, such as SOFR, would result in a change of approximately $78 million in our interest expense on our variable rate debt at December 31, 2025.
The results of this analysis, which may differ from actual results, are as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 (US$ in millions) Fair Value Market Risk Fair Value Market Risk Highest daily aggregated position value $ 762 $ (76) $ 459 $ (46) Lowest daily aggregated position value $ (407) $ (41) $ (502) $ (50) Ocean Freight Risk Ocean freight represents a significant portion of our operating costs.
The results of this analysis, which may differ from actual results, are as follows: Year Ended December 31, 2025 Year Ended December 31, 2024 (US$ in millions) Fair Value Market Risk Fair Value Market Risk Highest daily aggregated position value $ 1,307 $ (131) $ 762 $ (76) Lowest daily aggregated position value $ (611) $ (61) $ (407) $ (41) Ocean Freight Risk Ocean freight represents a significant portion of our operating costs.
Commodities Risk We operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products.
We have reduced exposures and associated position limits in certain cases. Commodities Risk We operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products.
Included in Other comprehensive (loss) income are foreign exchange losses of $101 million and foreign exchange gains of $111 million for the year ended December 31, 2024 and 2023, respectively, related to permanently invested intercompany loans.
Included in Other comprehensive income (loss) are foreign exchange gains of $42 million and foreign exchange losses of $101 million for the year ended December 31, 2025 and 2024, respectively, related to permanently invested intercompany loans. Interest Rate Risk We have debt in fixed and floating rate instruments.
A hypothetical 100 basis point increase or decrease in the interest yields on our fixed rate debt and related interest rate swaps at December 31, 2024, would result in a less than 1% change in the fair value of our debt and interest rate swaps.
The aggregate fair value of our short and long-term debt, based on market yields at December 31, 2025, was $14,104 million with a carrying value of $14,051 million. 57 Table of Contents A hypothetical 100 basis point increase or decrease in the interest yields on our fixed rate debt and related interest rate swaps at December 31, 2025, would result in a change of less than 1% in the fair value of our debt and interest rate swaps.
Removed
During periods of tight conditions in global credit markets, downturns in regional or global economic conditions, and/or significant price volatility, credit and counterparty risks are heightened.
Added
We are exposed to market risk due to changes in interest rates, including inflationary pressures. We may enter into interest rate swap agreements to manage our interest rate exposure related to our debt portfolio.
Removed
Activity in the twelve months ended December 31, 2024 includes reclassification of $133 million in foreign exchange losses from Other comprehensive (loss) income to Other income (expense) - net, net of tax of zero, related to the disposition of BP Bunge Bioenergia.
Removed
See Note 2 - Acquisitions and Dispositions to our consolidated financial statements included as part of this Annual Report on Form 10-K for more information. Interest Rate Risk We have debt in fixed and floating rate instruments. We are exposed to market risk due to changes in interest rates, including inflationary pressures.
Removed
We may enter into interest rate swap agreements to manage our interest rate exposure related to our debt portfolio. The aggregate fair value of our short and long-term debt, based on market yields at December 31, 2024, was $6,249 million with a carrying value of $6,238 million.