Bunge Global SA (BG)

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Second Quarter 2026 Overview

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

Viterra Acquisition

On July 2, 2025, we completed our previously announced acquisition (the "Acquisition") of Viterra Limited ("Viterra"). Pursuant to the terms of the business combination agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra.

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

Non-U.S. GAAP Financial Measures

Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses 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. Segment EBIT is the aggregate of the EBIT of each of Bunge’s Soybean Processing and Refining, Softseed Processing and Refining, Tropical Oils and Specialty Ingredients, and Grain Merchandising and Milling reportable segments. Total EBIT is the aggregate of the EBIT of Bunge’s reportable segments, together with Corporate and Other activities. 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. GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge shareholders, the most directly comparable U.S. GAAP financial measure. 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 (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Net income (loss) attributable to Bunge shareholders to Total EBIT below.

Executive Summary

Net income (loss) attributable to Bunge shareholders - For the three months ended June 30, 2026, Net income attributable to Bunge shareholders was $678 million, an increase of $324 million compared to $354 million, for the three months ended June 30, 2025. For the six months ended June 30, 2026, Net income attributable to Bunge shareholders was $746 million, an increase of $191 million, compared to $555 million for the six months ended June 30, 2025. The increase for the three and six months ended June 30, 2026, was primarily due to higher Segment EBIT partially offset by lower Corporate and Other EBIT, as further discussed in the Segment Results section below. Further, the increase was partially offset by higher net interest expense as a result of increased debt levels to finance the Viterra Acquisition, as well as higher income tax expense, as further described in the Consolidated Results of Operations section below.

Net income (loss) attributable to Bunge shareholders - Earnings per share - diluted - For the three months ended June 30, 2026, Net income attributable to Bunge shareholders - diluted, was $3.47 per share, an increase of $0.86 per share, compared to $2.61 per share for the three months ended June 30, 2025. For the six months ended June 30, 2026, Net income attributable to Bunge shareholders - diluted, was $3.81 per share, a decrease of $0.29 per share, compared to income of $4.10 per share for the six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was primarily due to higher Net income attributable to Bunge shareholders discussed above, partially offset by dilution from the issuance of registered shares as part of the Viterra Acquisition. The decrease for the six months ended June 30, 2026 is

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primarily due to dilution from the issuance of registered shares as part of the Viterra Acquisition, partially offset by higher Net income attributable to Bunge shareholders discussed above.

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

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

Consolidated Results of Operations

Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025

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

Cost of goods sold - Cost of goods sold increased 86%, to $22,360 million for the three months ended June 30, 2026. The increase in Cost of goods sold was primarily due to higher Net sales partially offset by more favorable mark-to-market results in the current period.

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

Interest - Interest income decreased 7%, to $43 million for the three months ended June 30, 2026. Interest expense increased 86%, to $197 million for the three months ended June 30, 2026. Lower interest income is the result of lower average balances in Cash and cash equivalents. Higher Interest expense is a result of higher debt levels, driven by the financing of the Viterra Acquisition, partially offset by lower average interest rates.

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

Other income (expense) - net - Other income (expense) - net decreased 79% to a gain of $39 million for the three months ended June 30, 2026. The decrease was primarily due to the absence of a $155 million prior year gain on the sale of Bunge's North America corn milling business.

Income tax (expense) benefit - Income tax (expense) benefit increased 90% to an income tax expense of $236 million for the three months ended June 30, 2026. The increase in income tax expense for the three months ended June 30, 2026 was primarily due to higher pre-tax income in 2026.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Net sales – Net sales increased 88%, to $45,902 million for the six months ended June 30, 2026. See Segment Results section below for further discussion.

Cost of goods sold - Cost of goods sold increased 88%, to $43,455 million for the six months ended June 30, 2026. The increase in Cost of goods sold was primarily due to higher Net sales as well as slightly less favorable mark-to-market results in the current period.

Selling, general, and administrative expenses - Selling, general, and administrative expenses increased 42%, to $1,137 million for the six months ended June 30, 2026.

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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. Availability of agricultural commodities is affected by many factors, including weather, farmer planting and selling decisions, plant diseases, governmental policies, and agricultural sector economic conditions.

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.

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 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.

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

Soybean Processing and Refining

Our Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. We process soybeans into protein meals and crude and refined vegetable oils and fats, principally for the food, animal feed, and biofuel industries, through a global network of facilities. As described above, Soybean Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, representing the total refined volume during a reporting period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

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Softseed Processing and Refining

Our Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds and softseed related products, as well as biodiesel production and distribution. As described above, Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of softseeds to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

Other Oilseeds Processing and Refining

Our Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products. As described above, Other Oilseeds Processing and Refining volumes represent sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

Grain Merchandising and Milling

Our Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of certain commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services. As described above, Grain Merchandising and Milling volumes represent sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

Viterra Acquisition

On July 2, 2025, we completed our previously announced Acquisition of Viterra. Pursuant to the terms of the business combination agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025 and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra.

This section is inclusive of the results of operations of Viterra from the date of Acquisition, July 2, 2025. As such, the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances discussed throughout this section.

Foreign Currency Exchange Rates

Due to the global nature of our operations, our operating results can be materially impacted by foreign currency exchange rates. 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. As a result, fluctuations of local currencies compared to the U.S. dollar during each monthly period impact our consolidated statements of income and cash flows for each reported period (per quarter and year-to-date) and also affect comparisons between those reported periods. Subsidiary balance sheets are translated using exchange rates as of the balance sheet date with the resulting translation adjustments reported in our consolidated balance sheets as a component of Accumulated other comprehensive loss.

Additionally, we record transaction gains or losses on monetary assets and liabilities that are not denominated in the functional currency of the entity. These amounts are remeasured into their respective functional currencies at exchange rates as of the balance sheet date, with the resulting gains or losses included in the entity's statement of income and, therefore, in our consolidated statements of income as Foreign exchange (losses) gains - net.

We primarily use a combination of equity and intercompany loans to finance our subsidiaries. Intercompany loans that are of a long-term investment nature with no intention of repayment in the foreseeable future are considered permanently invested and as such are treated as analogous to equity for accounting purposes. As a result, any foreign currency translation gains or losses on such permanently invested intercompany loans are reported in Accumulated other comprehensive loss in our consolidated balance sheets. 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.

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Income Taxes

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

Non-U.S. GAAP Financial Measures

Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses 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. Segment EBIT is the aggregate of the EBIT of each of Bunge’s Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments. Total EBIT is the aggregate of the EBIT of Bunge’s reportable segments, together with Corporate and Other activities. 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. GAAP financial measure and is not intended to replace Net income attributable to Bunge shareholders, the most directly comparable U.S. GAAP financial measure. Further, Total EBIT excludes EBIT attributable to noncontrolling interests and EBIT attributable to discontinued operations and is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Net income attributable to Bunge shareholders to Total EBIT below.

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. 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,

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