ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7.     Management's Discussion and Analysis of Financial Condition and Results of Operations The following should be read in conjunction with "Cautionary Statement Regarding Forward Looking Statements" and our combined consolidated financial statements and notes thereto included in Item 15 of this Annual Report on Form 10-K. 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. Operating Results Factors Affecting Operating Results Bunge Global SA, a Swiss company, together with its subsidiaries, is a leading global agribusiness and food company with integrated operations that stretch from farmer to consumer. 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. Accordingly, information is included in " Segment Overview and Results of Operations " that summarizes certain items in our consolidated statements of income and volumes by reportable segment. The common unit of measure for all reported volumes is metric tons. Agribusiness In the Agribusiness segment, we purchase, store, transport, process, and sell agricultural commodities and commodity products. 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. Availability of agricultural commodities is affected by many factors, including weather, farmer planting and selling decisions, plant diseases, governmental policies, and agricultural sector economic conditions. Reported Processing volumes comprise oilseed volumes crushed (processed) during a period, which approximate sales volumes to third parties during the same period. Reported Merchandising volumes represent sales volumes to third-party customers. Demand for our purchased and processed 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. We expect that the factors described above will continue to affect global supply and demand for our Agribusiness products for the foreseeable future. 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. 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. 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. Refined and Specialty Oils In the Refined and Specialty Oils segment, our operating results are affected by changes in the prices of raw materials such as crude vegetable oils, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions, and the general competitive environment in our markets. Raw material inputs to our production processes in the Refined and Specialty Oils segment are largely sourced at market prices from our Agribusiness segment. Reported volumes in this segment reflect 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. Milling In the Milling segment, our operating results are affected by changes in the prices of raw materials such as grains, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions and the general competitive environment in our markets. Raw material inputs to our production processes in the Milling segment are largely sourced at market prices from our Agribusiness segment. Reported volumes in this segment reflect feedstock ground (processed) during a period, again approximating sales volumes during the same 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. Viterra Following the completion of our pending Viterra Acquisition, our operations will be impacted by the integration of Viterra's network of agricultural storage, processing, and transport assets. Viterra businesses operate in similar industries as we do, so we expect the factors that impact Viterra's operations will be broadly consistent with the factors that we have described above that impact each of our segments. 40 Table of Contents Sugar and Bioenergy Our Sugar and Bioenergy segment primarily comprised our 50% interest in BP Bunge Bioenergia, a joint venture with BP. On October 1, 2024, we completed the sale of our 50% interest in BP Bunge Bioenergia. See Note 2 - Acquisitions and Dispositions to our consolidated financial statements for further details. BP Bunge Bioenergia operated on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil. We accounted for our interest in the joint venture under the equity method of accounting. Accordingly, our reported Sugar and Bioenergy results include our share of the net earnings in BP Bunge Bioenergia. Prior to the sale of our interest in October 2024, profitability of this segment, the value of our investment, and the timing of distributions we received, if any, were affected by the profitability of the joint venture. In turn, the profitability of the joint venture was affected by the availability and quality of sugarcane, which impacted capacity utilization rates and the amount of sugar that could be extracted from the sugarcane, and by market prices of sugar and ethanol. The availability and quality of sugarcane is affected by many factors, including weather, geographical factors such as soil quality and topography, and agricultural practices. Demand for the joint venture's products was affected by many factors, including changes in global or regional economic conditions, the financial condition of customers and customer access to credit, worldwide consumption of food products, population growth rates, changes in per capita income, and demand for and governmental support of renewable fuels produced from agricultural commodities, including sugarcane. In addition to these industry related factors which impact our business areas, our results of operations in all business areas and segments are affected by the following factors: 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. 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, Canada, 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 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. Core Segment EBIT is the aggregate of the EBIT of each of Bunge’s Agribusiness, Refined and Specialty Oils, and Milling reportable segments. Non-core Segment EBIT is the EBIT of Bunge’s Sugar & Bioenergy reportable segment. Total EBIT is the aggregate of the EBIT of Bunge’s Core and Non-core reportable segments, together with Corporate and Other. Bunge’s management believes Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of the performance of its segments without regard to financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income attributable to Bunge, 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 or any other measure of consolidated operating results under U.S. GAAP. 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. 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. 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. 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. The decrease in Total EBIT for the year ended December 31, 2024 was primarily due to lower Core Segment EBIT, resulting primarily from lower gross profit in our Agribusiness segment, as further discussed in the Segment Overview and Results of Operations section below, and which also provides a reconciliation of Net income attributable to Bunge shareholders to Total EBIT. Income Tax Expense -  Income tax expense was $336 million for the year ended December 31, 2024 compared to income tax expense of $714 million for the year ended December 31, 2023. The decrease in income tax expense for the year ended December 31, 2024 was primarily due to lower pre-tax income and earnings mix. Liquidity and Capital Resources – At December 31, 2024, working capital, which equals Total current assets less Total current liabilities, was $8,523 million, a decrease of $140 million, compared to working capital of $8,663 million at December 31, 2023. The decrease in working capital was primarily due to a higher Current portion of long-term debt balance, lower Inventories and lower Trade accounts receivables, net, partially offset by lower Trade accounts payable balances and higher Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below. Segment Overview and Results of Operations Our operations are organized, managed, and classified into four reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. We further organize these reportable segments into Core operations and Non-core operations. Core operations comprise our Agribusiness, Refined and Specialty Oils, and Milling reportable segments. Non-core operations comprise our Sugar & Bioenergy reportable segment, which itself primarily comprised the Company’s 50% interest in the net earnings of BP Bunge Bioenergia, a joint venture with BP p.l.c. See Note 2- Acquisitions and Dispositions for details regarding Bunge's disposition of its 50% interest in BP Bunge Bioenergia. Our remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. Corporate and Other includes salaries and overhead for corporate functions that are not allocated to our individual reportable segments because the operating performance of each reportable segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and trade receivables securitization program, as well as certain income tax assets and liabilities. 42 Table of Contents A reconciliation of Net income attributable to Bunge shareholders to Total EBIT follows: Year Ended December 31, (US$ in millions) 2024 2023 Net income attributable to Bunge shareholders $ 1,137   $ 2,243 Interest income (163) (148) Interest expense 471   516 Income tax expense 336   714 Noncontrolling interests' share of interest and tax 11   8 Total EBIT $ 1,792   $ 3,333 Agribusiness Segment EBIT 1,301   2,786 Refined and Specialty Oils Segment EBIT 759   865 Milling Segment EBIT 111   66 Core Segment EBIT 2,171   3,717 Corporate and Other EBIT (594) (548) Sugar and Bioenergy Segment EBIT 215   164 Non-core Segment EBIT 215   164 Total EBIT $ 1,792   $ 3,333 Core Segments Agribusiness Segment Year Ended December 31, (US$ in millions) 2024 2023 % Change Volumes (in thousand metric tons) 80,628   76,019  6  % Net sales $ 38,598   $ 42,764  (10) % Cost of goods sold (36,684) (39,443) (7) % Gross profit 1,914   3,321  (42) % Selling, general and administrative expense (603) (592) 2  % Foreign exchange losses — net (171) —  (100) % EBIT attributable to noncontrolling interests (9) (70) (87) % Other income — net 226   126  79  % (Loss) income from affiliates (56) 1  (5,700) % Total Agribusiness Segment EBIT $ 1,301   $ 2,786  (53) % 2024 Compared to 2023 Agribusiness segment Net sales decreased 10% to $38,598 million for the year ended December 31, 2024. 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 above decreases were slightly offset by higher volumes in South America resulting from the non-recurrence of the prior year drought in Argentina along with higher volumes in our Europe softseed business primarily driven from increased activity at our Ukrainian facilities. • In Merchandising, Net sales decreased 7%, primarily due to lower average sales prices in our global corn, wheat, and oil businesses, in addition to lower volumes in our global wheat business. 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 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 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 partially offset by unfavorable mark-to-market results in the current period as well as the absence of mark-to-market gains from the recovery of inventory in Ukraine recognized in the prior period. • In Merchandising, Cost of goods sold decreased by 8%, primarily due to lower Net sales, as further described above, and favorable mark-to-market results in the current period. 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 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 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 loss was partially offset by net remeasurement gains on net monetary assets, excluding the impact of loans payable described above, as a result of U.S. dollar exposure in non-U.S. dollar functional currency operations. Other income - net was income of $226 million for the year ended December 31, 2024, compared to income of $126 million for the year ended December 31, 2023. The increase was primarily due to gains in Argentina related to foreign currency positioning. (Loss) income from affiliates was a loss of $56 million for the year ended December 31, 2024, compared to income of $1 million for the year ended December 31, 2023. 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 $1,301 million for the year ended December 31, 2024. The decrease was primarily due to the following: • In Processing, a decrease of 62% was primarily due to lower Gross profit across all businesses and regions, foreign exchange losses, and impairment charges incurred in the current year, as described above. This decrease was partially offset by an increase in Other income (expense) - net as highlighted above. • In Merchandising, an increase of 20% was primarily due to higher Gross profit, driven by more favorable results in our ocean freight business. 44 Table of Contents Refined and Specialty Oils Segment Year Ended December 31, (US$ 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. 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. The decrease was primarily driven by the lack of recurring prior year accelerated amortization charges, related to the discontinuance of the Loders Croklaan trademark. Segment EBIT decreased 12% to $759 million for the year ended December 31, 2024. The decrease was primarily driven by lower Gross profit driven by overall lower margins, particularly in North America, as well as unfavorable Foreign exchange (losses) gains - net, primarily driven by the devaluation of the Egyptian pound in the first quarter of 2024. Milling Segment Year Ended December 31, (US$ in millions) 2024 2023 % Change Volumes (in thousand metric tons) 3,703   3,391  9  % Net sales $ 1,555   $ 1,896  (18) % Cost of goods sold (1,337) (1,729) (23) % Gross profit 218   167  31  % Selling, general and administrative expense (97) (95) 2  % Foreign exchange (losses) gains — net (3) 1  (400) % EBIT attributable to noncontrolling interests —   1  (100) % Other expense — net (6) (7) (14) % Loss from affiliates (1) (1) —  % Total Milling Segment EBIT $ 111   $ 66  68  % 45 Table of Contents 2024 Compared to 2023 Milling segment Net sales decreased 18%, to $1,555 million for the year ended December 31, 2024. The decrease was primarily due to lower sales prices in both our South American wheat milling and North American corn milling businesses. These decreases were partially offset by an increase in volumes across both regions. Cost of goods sold decreased 23%, to $1,337 million for the year ended December 31, 2024. The decrease was primarily due to lower sales prices, as described for Net sales above, as well as favorable mark-to-market results. Segment EBIT increased 68% to $111 million for the year ended December 31, 2024. The increase was primarily due to higher Gross profit in both regions, as described above. Corporate and Other Year Ended December 31, (US$ in millions) 2024 2023 % Change Net sales $ 54   $ 42  29  % Cost of goods sold (83) (60) 38  % Gross profit (29) (18) (61) % Selling, general and administrative expense (658) (602) 9  % Foreign exchange gains — net 5   12  (58) % EBIT attributable to noncontrolling interests 4   4  —  % Other income — net 83   73  14  % Income (loss) from affiliates 1   (17) 106  % Total Corporate and Other EBIT $ (594) $ (548) (8) % 2024 Compared to 2023 Corporate and Other EBIT decreased 8%, to a loss of $594 million for the year ended December 31, 2024. 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 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 $16 million, reported in Income (loss) from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients. Non-core Segment Sugar and Bioenergy Segment Year Ended December 31, (US$ in millions) 2024 2023 % Change Net sales $ 130   $ 235  (45) % Cost of goods sold (127) (229) (45) % Gross profit 3   6  (50) % Selling, general and administrative expense (2) (1) 100  % Other income — net 196   2  9,700  % Income from affiliates 18   157  (89) % Total Sugar and Bioenergy Segment EBIT $ 215   $ 164  31  % 46 Table of Contents 2024 Compared to 2023 Segment EBIT increased 31%, to $215 million for the year ended December 31, 2024. The increase was primarily due to a $195 million gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other income - net. The increase was partially offset by less favorable results from our investment in BP Bunge Bioenergia, primarily resulting from the absence of a tax valuation allowance release in the current period as compared to the prior period, current period foreign exchange losses on U.S. dollar denominated debt at BP Bunge Bioenergia, lower current period gross margins, and lower equity method earnings following the sale. See Note 2- Acquisitions and Dispositions in the consolidated financial statements for further details regarding the Company's disposition of BP Bunge Bioenergia. Interest —A summary of consolidated interest income and expense follows: Year Ended December 31, (US$ 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. Interest expense decreased 9% to $471 million for the year ended December 31, 2024. Higher interest income is the result of higher balances in cash and cash equivalents in the current year. Lower interest expense is the result of lower interest rates. Liquidity and Capital Resources Our main financial objectives are to prudently manage financial risks, ensure consistent access to liquidity, and minimize cost of capital in order to efficiently finance our business and maintain balance sheet strength. We generally finance our ongoing operations with cash flows generated from operations, issuances of commercial paper, borrowings under various bilateral and syndicated revolving credit facilities, term loans, and proceeds from the issuance of senior notes. Acquisitions and long-lived assets are generally financed with a combination of equity and long-term debt. Working Capital As of December 31, (US$ in millions, except current ratio) 2024 2023 Cash and cash equivalents $ 3,311   $ 2,602 Trade accounts receivable, net 2,148   2,592 Inventories 6,491   7,105 Other current assets 4,008   4,051 Total current assets $ 15,958   $ 16,350 Short-term debt $ 875   $ 797 Current portion of long-term debt 669   5 Trade accounts payable 2,777   3,664 Current operating lease obligations 286   308 Other current liabilities 2,828   2,913 Total current liabilities $ 7,435   $ 7,687 Working capital (1) $ 8,523   $ 8,663 Current ratio (1) 2.15   2.13 (1) Working capital is defined as Total current assets less Total current liabilities; Current ratio represents Total current assets divided by Total current liabilities. 47 Table of Contents Working capital was $8,523 million at December 31, 2024, a decrease of $140 million from working capital of $8,663 million at December 31, 2023. Cash and Cash Equivalents - Cash and cash equivalents were $3,311 million at December 31, 2024, an increase of $709 million from $2,602 million at December 31, 2023. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, 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. Trade accounts receivable, net - Trade accounts receivable, net were $2,148 million at December 31, 2024, a decrease of $444 million from $2,592 million at December 31, 2023. The decrease was primarily due to decreased Net sales in the current period driven by factors described in the Segment Overview & Results of Operations section above. Inventories - Inventories were $6,491 million at December 31, 2024, a decrease of $614 million from $7,105 million at December 31, 2023. The decrease was primarily due to certain lower average commodity prices, including soybeans and wheat, as well as overall lower volumes. 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. 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. The decrease is primarily due to a decrease in secured advances to supplies, net as market conditions in Brazil have led to a reduction in new advances in the current period, lower unrealized gains on derivative contracts as a result of volatile commodity prices, and a decrease in prepaid expenses due to the changing market environment. These decreases were partially offset by an increase in marketable securities and other short-term investments, a deferred payment recorded in the current year in connection with the sale of BP Bunge Bioenergia that was collected in early 2025, and the recognition of an insurance recovery receivable related to business interruption resulting from the Ukraine-Russia war in the current year (see Note 6- Other Current Assets to our consolidated financial statements). 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. The higher Short-term debt level at December 31, 2024 compared to December 31, 2023 is primarily due to an increase in the Current portion of long-term debt associated with our 1.63% Senior Notes, due 2025, and higher borrowings by Bunge operating companies on local bank lines of credit. Trade accounts payable - Trade accounts payable were $2,777 million at December 31, 2024, a decrease of $887 million from $3,664 million at December 31, 2023. The decrease in Trade accounts payable was primarily due to certain lower average commodity prices, including soybeans and wheat, lower volumes, and timing of payments. Other current liabilities - Other current liabilities were $2,828 million at December 31, 2024, a decrease of $85 million from $2,913 million at December 31, 2023. The decrease was primarily due to lower income tax payable as a result of lower earnings, partially offset by higher unrealized losses on derivative contracts as a result of volatile commodity prices. 48 Table of Contents Debt Revolving Credit Facilities —At December 31, 2024, we had $5,665 million unused and available committed borrowing capacity comprising committed revolving credit facilities. 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 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. (2) Incremental commitments are available to be drawn following the completion of the Viterra Acquisition subject to the satisfaction of certain conditions. Short and long-term debt — As of December 31, US$ in millions 2024 2023 Short-term debt $ 875   $ 797 Long-term debt, including current portion 5,363   4,085 Total debt $ 6,238   $ 4,882 Year Ended December 31, 2024 2023 Average total debt outstanding $ 5,480   $ 5,293 Our total debt increased by $1,356 million to $6,238 million at December 31, 2024, from $4,882 million at December 31, 2023, primarily due to an increase in Long-term debt, including current portion, resulting from the issuance of three tranches of the September 2024 Senior Notes for an aggregate principal amount of $2.0 billion, partially offset by the prepayment of a $750 million 3-year term loan agreement due in 2025. See Note 17- Debt for further information. From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. At December 31, 2024, there were no borrowings outstanding under these bilateral short-term credit lines. 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"). On September 17, 2024, we completed the sale and issuance of three tranches of Senior Notes for an aggregate principal amount of $2.0 billion. See Note 17- Debt for further information. As a result of the Senior Notes issuance, and in accordance with its terms, the Acquisition Financing commitment was reduced by $2.0 billion with $6.0 billion available as of December 31, 2024. Bunge intends to use a portion of the proceeds from the Acquisition Financing and Senior Notes issuance to fund a portion of the cash consideration for Bunge's Acquisition of Viterra and to repay a portion of certain Viterra debt to be assumed in connection with the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes. 49 Table of Contents Also, in the third quarter of 2024, Bunge's wholly-owned subsidiary, Bunge Limited Finance Corp. ("BLFC"), commenced offers (the "US Exchange Offers") to exchange all outstanding notes of certain series issued by Viterra Finance B.V. ("VFBV") and guaranteed by Viterra and Viterra B.V., for up to $1.95 billion aggregate principal amount of new notes issued by BLFC and guaranteed by Bunge. In addition, in the third quarter of 2024, Viterra commenced a consent solicitation (the "European Consent Solicitation") to amend the indenture governing VFBV's outstanding 500 million Euro aggregate principal amount of 0.375% senior unsecured notes due 2025 and outstanding 700 million Euro aggregate principal amount of 1.000% senior unsecured notes due 2028 to, among other things, substitute the issuer and guarantors of such notes with Bunge Finance Europe B.V. ("BFE"), a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor. See Note 17- Debt for further information. The US Exchange Offers and European Consent Solicitation are conditioned among other things, upon the consummation of the Acquisition. This Annual Report is not intended to and does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of any vote of approval or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Registered Senior Notes — BLFC, a wholly owned finance subsidiary of Bunge, had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at December 31, 2024. (US$ 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. Bunge's guarantees are unsecured and unsubordinated obligations of Bunge and rank equally with all other unsecured and unsubordinated obligations of Bunge. The guarantees provide that in the event of a default in payment of principal of, or interest on, BLFC Notes of a particular series, the holder of such series of senior debt securities may institute legal proceedings directly against Bunge to enforce the applicable guarantee without first proceeding against BLFC. As a holding company, Bunge is dependent upon dividends, loans, or advances or other intercompany transfers of funds from its subsidiaries to meet its obligations, including its obligations under the guarantee. The ability of certain of its subsidiaries to pay dividends and make other payments to Bunge may be restricted by, among other things, applicable laws, as well as agreements to which those subsidiaries may be party. Therefore, the ability of Bunge to make payments with respect to the guarantee may be limited. The BLFC Notes effectively rank junior to all liabilities of Bunge's subsidiaries (other than BLFC). In the event of a bankruptcy, liquidation, or dissolution of a subsidiary (other than BLFC) and following payment of its liabilities, the subsidiary may not have sufficient assets remaining to make payments to Bunge as a shareholder or otherwise. 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. 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. As well as with the issuance of Bunge Senior Notes in September 2024, S&P, Moody’s, and Fitch have taken the following actions: 50 Table of Contents • S&P upgraded Bunge’s long-term debt credit rating to BBB+ on June 13, 2023 and further placed the outlook on CreditWatch Positive for an upgrade to A- on September 9, 2024; • S&P also assigned a preliminary A- issue-level rating to Bunge's newly issued 2024 Senior Notes on September 10, 2024; • Moody’s upgraded Bunge’s long-term debt credit rating to Baa1 on August 1, 2024 with stable outlook; and • Fitch upgraded Bunge’s long-term debt credit rating to BBB+ on September 5, 2024 with stable outlook. We expect Standard and Poor's to resolve their CreditWatch Positive status at or before the closing date of the Acquisition, based on a variety of factors including but not limited to our operating performance, our financial position and high certainty that the Acquisition will close. Our debt agreements do not have any credit rating downgrade triggers that would accelerate maturity of our debt. However, credit rating downgrades would increase borrowing costs under our syndicated credit facilities (a credit rating upgrade, on the other hand, would reduce our borrowing cost) and, depending on their severity, could impede our ability to obtain credit facilities or access the capital markets in the future on competitive terms. A significant increase in our borrowing costs could impair our ability to compete effectively in our business relative to competitors with higher credit ratings. Our credit facilities and certain senior notes require us to comply with specified financial covenants, including minimum current ratio, maximum debt to capitalization ratio, and limitations on secured indebtedness. 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"). 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 $1 billion. The Program terminates on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on December 16, 2025, with a feature that permits us to request 364-day extensions. Under the Program's pledge structure, Bunge Securitization B.V. ("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to the aggregate size of the Program. Bunge also retains ownership of a population of unsold receivables. BSBV agrees to guaranty the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in our consolidated statements of cash flows. Bunge’s risk of loss following the sale of the trade receivables is substantially the same and limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent. Interest Rate Swap Agreements We may use interest rate swaps in hedge accounting relationships and record the swaps at fair value in the consolidated balance sheets with changes in fair value recorded contemporaneously in earnings. Additionally, the carrying amount of the associated debt is adjusted through earnings for changes in fair value due to changes in benchmark interest rates. See Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements. 51 Table of Contents Equity Total equity is set forth in the following table: December 31, (US$ 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. Total Bunge shareholders' equity was $9,913 million at December 31, 2024 compared to $10,851 million at December 31, 2023. The decrease was primarily due to $1,100 million in repurchases of registered shares, as described in Note 22- Equity to our consolidated financial statements and in the Share repurchase program paragraph below , $648 million of loss in Other comprehensive loss and $373 million of declared dividends to shareholders, as described in Note 22- Equity, partially offset by $1,137 million of Net income attributable to Bunge shareholders. Noncontrolling interests increased to $1,032 million at December 31, 2024 from $963 million at December 31, 2023 primarily due to $52 million of Net income attributable to noncontrolling interests and $53 million of contributions from noncontrolling interests, partially offset by $32 million of loss in Other comprehensive loss. 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. 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 $1.1 billion. Cash Flows Year ended December 31, (US$ 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. 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. 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. 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. Certain of our non-U.S. operating subsidiaries are primarily funded with U.S. dollar-denominated debt, while currency risk is hedged with U.S. dollar-denominated assets. The functional currency of our operating subsidiaries is generally the local currency. The financial statements of our subsidiaries are calculated in the functional currency, and when the local currency is the functional currency, translated into U.S. dollars. U.S. dollar-denominated loans are remeasured into their respective functional currencies at exchange rates at the applicable balance sheet date. Also, certain of our U.S. dollar functional operating subsidiaries outside the U.S. are partially funded with local currency borrowings, while the currency risk is hedged with local currency denominated assets. Local currency loans in U.S. dollar functional currency subsidiaries outside the U.S. are remeasured into U.S. dollars at the exchange rate on the applicable balance sheet date. The resulting gain or loss is included in our consolidated statements of income as Foreign exchange (losses) gains - net. 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. 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. The increase was primarily due to higher net payments for investments at Bunge Financial Services, higher spend on capital expenditures related to certain growth and productivity projects in North America, and lower proceeds from the disposal of businesses and property, plant and equipment during the year ended December 31, 2024, as compared to proceeds received on the sale of our Russian operations during the year ended December 31, 2023. These uses of cash were partially offset by proceeds from the sale of our investment in affiliate, BP Bunge Bioenergia, to BP. Financing: Cash used for financing activities was $90 million for the year ended December 31, 2024 compared to $856 million for the year ended December 31, 2023, a decrease of $766 million. For the year ended December 31, 2024, we received additional net cash proceeds from short-term and long-term debt of $1,186 million as a result of the issuance of three tranches of Senior Notes for an aggregate principal amount of $2.0 billion, partially offset by the prepayment of a $750 million term loan that occurred in 2024, as described above, and repurchased an additional $500 million registered shares compared to the previous period. Capital Expenditures Our cash payments made for capital expenditures were $1,376 million and $1,122 million for the years ended December 31, 2024 and 2023, respectively. We intend to make capital expenditures in the range of $1.5 billion to $1.7 billion in 2025. Our priorities for 2025 are to maintain the cash generating capacity of our assets through non-discretionary projects, such as maintenance, safety and compliance, as well as discretionary investments in growth and productivity projects, focusing on our strategy to strengthen our oilseeds platform, increase participation in biofuels and plant-based proteins, and grow our value-added oils business. These discretionary and non-discretionary capital investments will also help us achieve certain of our environmental and sustainability related objectives. We intend to fund these capital expenditures primarily with cash flows from operations and cash on hand. Off-Balance Sheet Arrangements Guarantees and Indemnifications Please refer to Note 20- Commitments and Contingencies to our consolidated financial statements included as part of this Annual Report on Form 10-K for details concerning our off-balance sheet arrangements related to guarantees and indemnifications. 53 Table of Contents Contractual Obligations The following table summarizes our scheduled contractual obligations and their expected maturities at December 31, 2024, and the effect such obligations are expected to have on our liquidity and cash flows in the future periods indicated. Payments due by period (US$ in millions) Total 2025 2026 - 2027 2028 - 2029 2030 and thereafter Short-term debt $ 875   $ 875  $ —  $ —  $ — Long-term debt, including current portion (1) 5,663   690  1,627  1,464  1,882 Variable interest rate obligations 149   33  71  30  15 Interest obligations on fixed rate debt 898   169  297  205  227 Non-cancelable lease obligations (2) 1,077   315  354  143  265 Capital commitments 243   243  —  —  — Freight supply agreements (3) 138   138  —  —  — Inventory purchase commitments 188   182  3  2  1 Power supply purchase commitments 77   28  27  9  13 Other commitments and obligations (4) 669   310  191  90  78 Total contractual cash obligations (5) $ 9,977   $ 2,983  $ 2,570  $ 1,943  $ 2,481 (1) Includes components of long-term debt attributable to unamortized premiums of $32 million and excludes components of long-term debt attributable to fair value hedge accounting of $269 million. (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. The ocean freight service agreements are short term contracts with a duration of less than a year. Ocean freight service agreements with terms in excess of one year are included in non-cancelable lease obligations. The railroad freight service agreements require a minimum monthly payment regardless of the actual level of freight services used. The costs of our freight supply agreements are typically passed through to our customers as a component of the prices we charge for our products. However, changes in the market value of such freight services compared to the rates at which we have contracted them may affect margins on the sales of agricultural commodities. (4) Represents other purchase commitments and obligations, such as take-or-pay contracts, throughput contracts, and debt commitment fees. (5) Does not include estimated payments of liabilities associated with uncertain income tax positions. As of December 31, 2024, Bunge had uncertain income tax liabilities of $75 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. See Note 14- Income Taxes to our consolidated financial statements. Employee Benefit Plans We expect to contribute $14 million to our defined benefit pension plans and $4 million to our postretirement benefit plans in 2025. Further, we expect approximately $508 million in benefit payments related to our defined benefit pension and postretirement benefit plans in 2025. The expected benefit payments in 2025 include $487 million related to the lump sum payments and transfer of all remaining benefits due to the future conversion of the buy-in contract to a buy-out arrangement for one of Bunge's defined benefit U.S. pension plans. 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. 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. We believe the following discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial condition and results of operations and require management's most difficult, subjective and complex judgments. Foreign Currency Transactions and Translation of Foreign Currency Financial Statements Our reporting currency is the U.S. dollar. The functional currency of the majority of our foreign subsidiaries is their local currency. The determination of functional currency may require significant judgment to identify the currency of the primary economic environment in which a subsidiary operates. This may include an evaluation of a number of economic factors including, cash flow, sales price, sales market, expense, and financing indicators, as well, as the extent of the subsidiary’s intra-entity transactions. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then such foreign entity's financial statements are remeasured as if the functional currency were the reporting currency. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in our 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 our consolidated balance sheets. At period-end, amounts included in the consolidated statements of income, comprehensive income, cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. Inventories and Commodity Derivatives Our RMI, forward RMI purchase and sale contracts, and exchange-traded futures and options are primarily valued at fair value. 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). We estimate the fair values of commodity inventories and forward purchase and sale contracts on these inventories based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or over-the-counter ("OTC") markets with appropriate adjustments for differences in local markets where our inventories are located. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. The significant unobservable inputs for RMI and physically-settled forward purchase and sale contracts relate to certain management estimates regarding transportation costs and other local market or location-related adjustments, primarily freight-related adjustments in the interior of Brazil and the lack of market corroborated information in Canada. In both situations, we use proprietary information such as purchase and sale contracts and contracted prices to value freight, premiums, and discounts in our contracts. Counterparty credit and performance risk on forward commodity purchase and sale contracts is included in the determination of fair value. From time to time, we have experienced instances of counterparty non-performance as a result of significant declines in counterparty profitability under these contracts due to movements in commodity prices between the time the contracts were executed and the contractual forward delivery period. However, based on historical experience with our suppliers and customers, our own credit risk, and knowledge of current market conditions, we do not view non-performance risk to be a significant input to fair value for the majority of our forward commodity purchase and sale contracts. Changes in the fair values of these inventories and contracts are recognized in our consolidated statements of income as a component of Cost of goods sold. If we used different methods or factors to estimate fair values, amounts reported as Inventories and Unrealized gains and losses on derivative contracts in the consolidated balance sheets and Cost of goods sold in the consolidated statements of income could differ. Additionally, if market conditions change subsequent to year-end, amounts reported in future periods as Inventories, Unrealized gains and losses on derivative contracts, and Cost of goods sold could differ. 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. 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. Gains and losses arising from open and closed hedging transactions are deferred in Accumulated other comprehensive loss, net of applicable income taxes, and recognized as a component of earnings in the consolidated statement of income in the same caption as the hedged items when the hedged item is recognized in earnings. 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. See Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements for further details and impacts of cash flow hedges on the consolidated financial statements. Goodwill When we acquire a business, the consideration is first assigned to identifiable assets and liabilities, including intangible assets, based on estimated fair values, with any excess recorded as goodwill. 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. Instead, it is tested for impairment at least annually. We generally perform our annual impairment analysis during the fourth quarter. If events or indicators of impairment occur between annual impairment analyses, we perform an impairment analysis at that date. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant asset. In testing for a potential impairment of goodwill, we: (1) determine our reporting units; (2) allocate goodwill to our various reporting units to which the acquired goodwill relates; (3) determine the carrying value, or book value, of our reporting units; (4) estimate the fair value of each reporting unit using a discounted cash flow model and/or a market multiples model based on guideline public companies; (5) compare the fair value of each reporting unit to its carrying value; and (6) if the estimated fair value of a reporting unit is less than the carrying value, we recognize an impairment charge for such amount, but not exceeding the total amount of goodwill allocated to that reporting unit. The process of evaluating the potential impairment of goodwill is subjective and requires significant judgment at many points during the analysis, including the identification of our reporting units, identification and allocation of the assets and liabilities to each of our reporting units, and determination of fair value. 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. We believe the assumptions and estimates used are appropriate based on the information currently available to management. Estimates based on market earnings multiples of peer companies identified for the reporting unit may also be used, where available. 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 market approach include, but are not limited to, determination of the guideline public companies and selection of the market multiples. During the fourth quarter of 2024, we performed our annual impairment assessment using a discounted cash flow ("DCF") method from the income approach and a guideline public companies method ("GPC") from the market approach, giving equal emphasis to each. 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. The results of our annual impairment assessment determined that the estimated fair values of each of our goodwill reporting units exceeded each of their carrying values by a significant amount. 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. When facts and circumstances indicate the carrying values of these assets may be impaired, an evaluation of recoverability is performed by comparing the carrying value of the assets to the undiscounted projected future cash flows to be generated by such assets from their use and ultimate disposal. If the carrying value of our assets is not recoverable, we recognize an impairment loss in the amount that carrying value exceeds fair value. Impairment is recognized as a charge against results of operations. Our judgments related to the expected useful lives of these assets and our ability to realize undiscounted cash flows in excess of the carrying amount of such assets are affected by factors such as the ongoing maintenance of the assets, changes in economic conditions and changes in operating performance. 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. We review our investments annually or when an event or circumstances indicate that a potential decline in value may be other than temporary. We consider 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 our intent and ability to hold the investment for a period of time sufficient to allow for recovery of the fair value. During the third quarter of 2024, certain of the above factors indicated an other than temporary decline in value of one of our minority investments in North America. Critical estimates in the determination of the fair value include, but are not limited to, future expected cash flows, revenue growth, and discount rates. If we used different methods or factors to estimate fair value, the amount of recorded impairment and the carrying value of our investments could differ. Please refer to Note 10- Impairments and Note 11- Investments in Affiliates and Variable Interest Entities to our consolidated financial statements for further details. Contingencies We are a party to a large number of claims and lawsuits, primarily non-income tax and labor claims in Brazil and non-income tax claims in Argentina, and we make provisions for potential liabilities arising from such claims when we deem them probable and reasonably estimable. These estimates of probable loss have been developed in consultation with in-house and outside counsel and are based on an analysis of potential results, assuming a combination of litigation and settlement strategies. Future results of operations for any particular quarterly or annual period could be materially affected by changes in our assumptions or the effectiveness of our strategies relating to these proceedings. For more information on tax and labor claims in Brazil, see "Item 3. Legal Proceedings " and Note 20- Commitments and Contingencies to our consolidated financial statements. Indemnifications We have provided certain indemnifications in connection with our divestitures. In some instances, we have recorded indemnification liabilities upon inception measured at fair value in accordance with ASC 460, Guarantees and ASC 450, Contingencies . The estimates to determine the fair value prioritize observable inputs in accordance with ASC 820, Fair Value Measurement . 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. During the fourth quarter of 2024, in connection with the sale of our 50% interest in BP Bunge Bioenergia, we agreed to indemnify BP against future losses associated with certain legal claims as defined in the share purchase agreement . As a consequence, we recognized a liability of $95 million. Refer to Note 20- Commitments and Contingencies to our consolidated financial statements for further details. Income Taxes We record valuation allowances to reduce our deferred tax assets to the amount that we are likely to realize. We apply a "more likely than not" threshold to the recognition and de-recognition of tax benefits. Accordingly, we recognize the amount of tax benefit that has a greater than 50% likelihood of being ultimately realized upon settlement. We consider projections of future taxable income and prudent tax planning strategies to assess the need for and the amount of the valuation allowances. 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. 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. 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. 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 include value-added taxes paid upon the acquisition of property, plant and equipment, raw materials and taxable services, as well as other transactional taxes, which can be recovered in cash or as compensation against income taxes, or other taxes we may owe, primarily in Brazil and Europe. Management's assumption about the collectability of recoverable taxes requires significant judgment because it involves an assessment of the ability and willingness of the applicable federal or local government to refund the taxes. The balance of these allowances fluctuates depending on the sales activity of existing inventories, purchases of new inventories, percentages of export sales, seasonality, changes in applicable tax rates, cash payments by the applicable government agencies and the offset of outstanding balances against income or certain other taxes owed to the applicable governments, where permissible. At December 31, 2024, the allowance for recoverable taxes was $25 million. W e continue to monitor the economic environment and events taking place in the applicable countries and in cases where we determine that recovery is doubtful, recoverable taxes are reduced by allowances for the estimated unrecoverable amounts. New Accounting Pronouncements See 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. Item 7A.     Quantitative and Qualitative Disclosures About Market Risk Risk Management As a result of our global activities, we are exposed to changes in, among other things, agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and inflationary pressures, which may affect our results of operations and financial position. We actively monitor and manage these various market risks associated with our business activities. Our risk management decisions take place in various locations, but exposure limits are centrally set and monitored, operating under a global governance framework. Additionally, our Board's Enterprise Risk Management Committee and our internal Management Risk Committee oversee our global market risk governance framework, including risk management policies and limits. We use derivative instruments for the purpose of managing the exposures associated with commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and for positioning our overall portfolio relative to expected market movements in accordance with established policies and procedures. We enter into derivative instruments primarily with commodity exchanges in the case of commodity futures and options and major financial institutions in the case of ocean freight. While these derivative instruments are subject to fluctuations in value, for hedged exposures those fluctuations are generally offset by the changes in the fair value of the underlying exposures. The derivative instruments that we use for hedging purposes are intended to reduce the volatility of our results of operations. However, they can occasionally result in earnings volatility, which may be material. See Note 15- Fair Value Measurements and Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements included as part of this Annual Report on Form 10-K for a more detailed discussion of our use of derivative instruments. Credit and Counterparty Risk Through our normal business activities, we are subject to significant credit and counterparty risks that arise through commercial sales and purchases, including forward commitments to buy or sell, and through various OTC derivative instruments that we use to manage risks inherent in our business activities. We define credit and counterparty risk as a potential financial loss due to the failure of a counterparty to honor its obligations. The exposure is measured based upon several factors, including unpaid accounts receivable from counterparties, as well as unrealized gains from forward purchase or sale contracts and OTC derivative instruments. Credit and counterparty risk also includes sovereign credit risk. We actively monitor credit and counterparty risk through regular reviews of exposures and credit analysis by regional credit teams, as well as a review by global and corporate committees that monitor counterparty performance. We record provisions for counterparty losses from time to time as a result of our credit and counterparty analysis. 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. This 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. Commodities Risk We operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products. 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. Agricultural commodities are subject to price fluctuations due to a number of unpredictable factors, including inflationary pressures, that may create price risk. As described above, we are also subject to the risk of counterparty non-performance under forward purchase and sale contracts. From time to time, we have experienced instances of counterparty non-performance as a result of significant declines in counterparty profitability under these contracts due to movements in commodity prices between the time the contracts were executed and the contractual forward delivery period. We enter into various derivative contracts with the primary objective of managing our exposure to adverse price movements in the agricultural commodities used and produced in our business operations. 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 also employ stress-testing techniques in order to quantify our exposures to price and liquidity risks under non-normal or event driven market conditions. Our daily net agricultural commodity position consists of inventory, forward purchase and sale contracts, and OTC and exchange-traded derivative instruments, including those used to hedge portions of our production requirements. The fair value of that position is a summation of the fair values of each agricultural commodity, calculated by valuing all of our commodity positions for the period at quoted market prices, where available, or by utilizing a close proxy. VaR is calculated on the net position and monitored at the 95% confidence interval. In addition, scenario analysis and stress testing are performed. For example, one measure of market risk is estimated as the potential loss in fair value resulting from a hypothetical 10% adverse change in prices. 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 market price for ocean freight varies depending on the supply and demand for ocean vessels, global economic conditions, inflationary pressure, and other factors. We enter into time charter agreements for time on ocean freight vessels based on forecasted requirements for the purpose of transporting agricultural commodities. 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. Energy Risk We purchase various energy commodities such as electricity, natural gas, and bunker fuel, which are used to operate our manufacturing facilities and ocean freight vessels. These energy commodities are subject to price risk, including inflationary pressures. We use financial derivatives, including exchange traded and OTC swaps and options for various purposes, including to manage our exposure to volatility in energy costs and market prices. These energy derivatives are included in Other current assets and Other current liabilities on the consolidated balance sheets at fair value. Currency Risk Our global operations require active participation in foreign exchange markets. Our primary foreign currency exposures are the Brazilian real , Canadian dollar , the Euro, and the Chinese yuan/renminbi . To reduce the risk arising from foreign exchange rate fluctuations, we enter into derivative instruments, such as foreign currency forward contracts, swaps, and options. 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. When determining our exposure, we exclude intercompany loans that are deemed to be permanently invested. Repayments of permanently invested intercompany loans are neither planned nor anticipated in the foreseeable future and are therefore treated as analogous to equity for accounting purposes. As a result, foreign exchange gains and losses on these borrowings are excluded from the determination of Net income and recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets. 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. 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. 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. 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. 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. 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. Some of our variable rate debt is denominated in currencies other than U.S. dollars and is indexed to non-U.S. dollar-based interest rate indices, such as EURIBOR and TLP, and certain benchmark rates in local bank markets. As such, the hypothetical 100 basis point change in interest rate ignores the potential impact of any currency movements. See "Risk Factors - 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" for a discussion of certain risks related to interest rates. Inflation Risk Inflationary factors generally affect us by increasing our labor and overhead costs, as well as costs associated with certain risks identified above, which may adversely affect our results of operations and financial position. We have historically been able to recover the impacts of inflation through sales price increases, however we cannot reasonably estimate our ability to successfully recover any impact of inflation through price increases in the future. Our inability to do so could harm our results of operations and financial position. Derivative Instruments Foreign Exchange Derivatives —We use a combination of foreign exchange forward, swap, futures, and options contracts in certain of our operations to mitigate the risk of exchange rate fluctuations in connection with certain commercial and balance sheet exposures. The foreign exchange forward, swap and option contracts may be designated as cash flow or fair value hedges. We may also use net investment hedges to partially offset the translation adjustments arising from the remeasurement of our investment in certain of our foreign subsidiaries. We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedge transactions are highly effective in offsetting changes in the hedged items. Interest Rate Derivatives —We may enter into interest rate swap agreements for the purpose of managing certain of our interest rate exposures. Interest rate swaps used by us as hedging instruments are recorded at fair value in the consolidated balance sheets with changes in fair value recorded contemporaneously in earnings. Certain of these agreements may be designated as fair value hedges. In such instances, the carrying amount of the associated hedged debt is also adjusted through earnings for changes in fair value arising from changes in benchmark interest rates. We may also enter into interest rate basis swap agreements that do not qualify as hedges for accounting purposes. The impact of changes in fair value of interest rate swap agreements is primarily presented in Interest expense. Commodity Derivatives —We primarily use derivative instruments to manage our exposure to movements associated with agricultural commodity prices. 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. Changes in fair values of exchange-traded futures contracts, representing the unrealized gains and/or losses on these instruments, are settled daily, generally through our 100% owned futures clearing subsidiary. Forward purchase and sale contracts are primarily settled through delivery of agricultural commodities. While we consider these exchange-traded futures and forward purchase and sale contracts to be effective economic hedges, we do not designate or account for the majority of our commodity contracts as hedges. Changes in fair values of these contracts and related RMI are included in Cost of goods sold in the consolidated statements of income. The forward contracts require performance of both us and the contract counterparty in future periods. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle. Ocean Freight Derivatives —We use derivative instruments referred to as freight forward agreements, or FFAs, and FFA options to hedge portions of our current and anticipated ocean freight costs. Changes in the fair values of ocean freight derivatives are recorded in Cost of goods sold. Energy Derivatives —We use derivative instruments for various purposes, including to manage our exposure to volatility in energy costs and our exposure to market prices related to the sale of biofuels. Our operations use substantial amounts of energy, including natural gas, coal, and fuel oil, including bunker fuel. 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. The impact of changes in fair value of these instruments is presented in Cost of goods sold. For more information, see Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements included as part of this Annual Report on Form 10-K. Item 8.     Financial Statements and Supplementary Data Our financial statements and related schedule required by this item are contained on pages F-1 through F-71 and on page E-1 included as part of this Annual Report on Form 10-K. See Item 15(a) for a listing of financial statements provided. Item 9.     Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A.     Controls and Procedures Disclosure Controls and Procedures As of December 31, 2024, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our "disclosure controls and procedures," as that term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of the end of the fiscal year covered by this Annual Report on Form 10-K. Management's Report on Internal Control over Financial Reporting Bunge Global's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f). Bunge Global's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. Generally Accepted Accounting Principles. Under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of the end 61 Table of Contents of the fiscal year covered by this annual report based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management concluded that Bunge Global's internal control over financial reporting was effective as of the end of the fiscal year covered by this Annual Report. Deloitte & Touche LLP, the independent registered public accounting firm that has audited and reported on Bunge Global's consolidated financial statements included in this Annual Report, has issued its written attestation report on Bunge Global's internal control over financial reporting, which is included in this Annual Report on Form 10-K. Changes in Internal Control over Financial Reporting There have been no changes in the Company’s internal control over financial reporting during the quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. However, we continue to migrate certain processes from across our operations to shared business service models in order to consolidate back-office functions while standardizing our processes and financial systems globally. These initiatives are not in response to any identified deficiency or weakness in our internal controls over financial reporting. We plan to continue these initiatives in phases over the next several years and, accordingly, we have and will continue to align and streamline the design and operation of our internal controls over financial reporting, as necessary, to accommodate modifications to our business processes and accounting procedures. Inherent Limitations on Effectiveness of Controls Our management, including our Chief Executive Officer and our Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls may also be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of control effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. 62 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and the Board of Directors of Bunge Global SA Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Bunge Global SA and subsidiaries (the "Company") as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the criteria established in Internal Control-Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and the related notes and the schedule listed in the Index at Item 15 as of and for the year ended December 31, 2024, of the Company and our report dated February 20, 2025, expressed an unqualified opinion on those financial statements. Basis for Opinion The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting . Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of the inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of the effectiveness to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP St. Louis, Missouri February 20, 2025 63 Table of Contents Item 9B.     Other Information None . PART III Information required by Items 10, 11, 12, 13 and 14 of Part III is omitted from this Annual Report on Form 10-K and will be filed in a definitive proxy statement for our 2025 Annual Meeting. Item 10.     Directors, Executive Officers, and Corporate Governance We will provide information that is responsive to this Item 10 in our definitive proxy statement for our 2025 Annual Meeting under the captions "Election of Directors," "Corporate Governance-Board Meetings and Committees-Audit Committee," "Corporate Governance-Board Structure and Size," "Corporate Governance-Board Independence," "Audit Committee Report," "Corporate Governance-Corporate Governance Principles and Code of Conduct," "Insider Trading Policy" and possibly elsewhere therein. That information is incorporated in this Item 10 by reference. The information required by this item with respect to our executive officers and key employees is found in Part I of this Annual Report on Form 10-K under the caption "Item 1. Business-Information About Our Executive Officers and Key Employees," which information is incorporated herein by reference. Item 11.     Executive Compensation We will provide information that is responsive to this Item 11 in our definitive proxy statement for our 2025 Annual Meeting under the captions "Executive Compensation Highlights," "Director Compensation," "Human Resources and Compensation Committee Report," and possibly elsewhere therein. That information is incorporated in this Item 11 by reference. Item 12.     Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters We will provide information that is responsive to this Item 12 in our definitive proxy statement for our 2025 Annual Meeting under the caption "Share Ownership of Directors, Executive Officers and Principal Shareholders" and possibly elsewhere therein. That information is incorporated in this Item 12 by reference. The information required by this item with respect to our long-term incentive plan information is found in Part II of this Annual Report on Form 10-K under the caption "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities-Securities Authorized for Issuance Under Equity Compensation Plans," which information is incorporated herein by reference. Item 13.     Certain Relationships and Related Transactions, and Director Independence We will provide information that is responsive to this Item 13 in our definitive proxy statement for our 2025 Annual Meeting under the captions "Corporate Governance-Board Independence," "Certain Relationships and Related Transactions" and possibly elsewhere therein. That information is incorporated in this Item 13 by reference. Item 14.     Principal Accounting Fees and Services We will provide information that is responsive to this Item 14 in our definitive proxy statement for our 2025 Annual Meeting under the caption "Appointment of Independent Auditor for U.S. Securities Law Reporting and Reelection of Statutory Auditor for Swiss Law Purposes" and possibly elsewhere therein. That information is incorporated in this Item 14 by reference. 64 Table of Contents PART IV Item 15.     Exhibits, Financial Statement Schedules a. (1) (2) Financial Statements and Financial Statement Schedules See "Index to Consolidated Financial Statements" on page F-1 and Financial Statement Schedule II—Valuation and Qualifying Accounts on page E-1 of this Annual Report on Form 10-K. a. (3) Exhibits The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Form 10-K. Certain of the agreements filed as exhibits to this Form 10-K contain representations and warranties by the parties to the agreements that have been made solely for the benefit of the parties to the agreement, which may have been included in the agreement for the purpose of allocating risk between the parties rather than establishing matters as facts and may have been qualified by disclosures that were made to the parties in connection with the negotiation of these agreements and not necessarily reflected in the agreements. Accordingly, the representations and warranties contained in these agreements may not describe the actual state of affairs of Bunge Global SA or its subsidiaries as of the date that these representations and warranties were made or at any other time. Investors should not rely on these representations and warranties as statements of fact. Additional information about Bunge Global SA and its subsidiaries may be found elsewhere in this Annual Report on Form 10-K and Bunge Global SA' s other public filings, which are available without charge through the SEC's website at www.sec.gov. See "Index to Exhibits" set forth below. Exhibit Number   Description 2.1 +++ Business Combination Agreement, dated as of June 13, 2023, by and among Bunge Limited, Viterra Limited and the Sellers as defined and listed therein (incorporated by reference from Bunge Limited’s Form 8-K filed on June 15, 2023) 2.2 Agreement and Plan of Merger, dated as of October 31, 2023, by and among Bunge Limited, Horizon Merger Company Limited and Bunge Global S.A. (incorporated by reference from Bunge Limited’s Form 8-K filed November 1, 2023) 2.3 +++ Amendment, dated April 10, 2024, to the Business Combination Agreement dates as of June 13, 2023, by and among Bunge Limited, Viterra Limited and the Sellers as defined and listed therein (incorporated by reference from the Registrant's Form 10-Q filed April 24, 2024) 3.1   Articles of Association of Bunge Global SA, as amended, effective December 6, 2024 (incorporated by reference from the Registrant’s Form 8-K filed on December 9, 2024) 3.2 Organizational Regulations, dated as of October 31, 2023 (incorporated by reference from the Registrant’s Form 8-K12G3 filed on November 1, 2023) 4.1 The instruments defining the rights of holders of the long-term debt securities of Bunge and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. Bunge hereby agrees to furnish copies of these instruments to the Securities and Exchange Commission upon request 4.2 * Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 10.1 Sixth Amended and Restated Pooling Agreement, dated as of August 31, 2020, among Bunge Funding Inc., Bunge Management Services Inc., as Servicer, and The Bank of New York, as Trustee (incorporated by reference from Bunge Limited's Form 10-K filed February 19, 2021 ) 10.2 Twenty-Fifth Amendment to Receivables Transfer Agreement, dated May 21, 2024, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 10-Q filed on August 1, 2024) 65 Table of Contents Exhibit Number Description 10.3 Twenty-Sixth Amendment to Receivables Transfer Agreement, dated September 30, 2024, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, Bunge Agribusiness Iberica, S.L.U., as New Spanish Originator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 10-Q filed on October 30, 2024) 10.4 Twenty-Seventh Amendment to Receivables Transfer Agreement, dated December 3, 2024, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 8-K filed on December 5, 2024) 10.5 +++ Eighth Amended and Restated Receivables Transfer Agreement, dated December 18, 2023, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, Coöperatieve Rabobank U.A., as Administrative Agent and Purchaser Agent, Bunge Global SA, as Performance Undertaking Provider, and the persons from time to time party thereto as Conduit Purchasers, Committed Purchasers and Purchaser Agents (incorporated by reference from the Registrant’s Form 8-K filed on December 20, 2023) 10.6 Unadjusted Applicable Margin Letter, dated December 18, 2023, among Bunge Securitization B.V., as Seller, Bunge Global SA, as Performance Undertaking Provider, Coöperatieve Rabobank U.A., as Administrative Agent and a Purchaser Agent, and the Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 8-K filed on December 20, 2023) 10.7 Amendment to and Restatement of the Servicing Agreement, dated May 26, 2016, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017) 10.8 Second Amendment to the Servicing Agreement, dated June 30, 2016, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021) 10.9 Third Amendment to the Servicing Agreement, dated February 19, 2019, among Bunge Securitization B.V., as Seller, Bunge North America Capital, Inc., as U.S. Intermediate Transferor, Coöperatieve Rabobank U.A., as Italian Intermediate Transferor, Koninklijke Bunge B.V., as Master Servicer, the persons named therein as Sub-Servicers, the persons named therein as Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021) 10.10 Amended and Restated Performance and Indemnity Agreement, dated June 21, 2023, by and among Bunge Limited and Bunge Global SA, as Performance Undertaking Provider and Coöperatieve Rabobank U.A., as Administrative Agent to the Receivables Transfer Agreement dated June 1, 2011, as amended (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) 10.11 Subordinated Loan Agreement, dated June 1, 2011, among Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Subordinated Lender, Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Master Servicer, and Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011) 66 Table of Contents Exhibit Number Description 10.12 First Amendment to the Subordinated Loan Agreement, dated August 27, 2019, among Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.), as Subordinated Lender, Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V. (f/k/a Bunge Finance B.V.) as Master Servicer, and Coöperatieve Rabobank U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.), as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021) 10.13 ++ U.S. Receivables Purchase Agreement, dated June 1, 2011, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Bunge Finance B.V., as Seller Agent, and Bunge North America Capital, Inc., as the Buyer (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011) 10.14   First Amendment to U.S. Receivables Purchase Agreement, dated June 15, 2012, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Bunge Finance B.V., as Seller Agent, and Bunge North America Capital, Inc., as the Buyer (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 1, 2012) 10.15   Second Amendment to the U.S. Receivables Purchase Agreement, dated June 30, 2016, among Bunge North America, Inc., Bunge Oils, Inc., Bunge North America (East), LLC, Bunge Milling, Inc., Bunge North America (OPD West), Inc., each as a Seller, respectively, Koninklijke Bunge B.V., as Seller Agent, Bunge North America Capital, Inc., as the Buyer, and Coöperatieve Rabobank U.A., as Administrative Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 28, 2017) 10.16 ++ U.S. Intermediate Transfer Agreement, dated June 1, 2011, among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as the Transferor Agent, and Bunge Securitization B.V., as the Transferee (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 9, 2011) 10.17   First Amendment to U.S. Intermediate Transfer Agreement, dated June 15, 2012, among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as Transferor Agent, and Bunge Securitization B.V., as the Transferee (incorporated by reference from Bunge Limited’s Form 10-Q filed on August 1, 2012) 10.18 Fifth Amended and Restated Pre-Export Financing Agreement, dated November 6, 2020, among the Pre-Export Borrowers party thereto, the Pre-Export Lenders party thereto, Sumitomo Mitsui Banking Corporation, as Pre-Export Administrative Agent, and Banco Rabobank International Brasil S.A., as Pre-Export Collateral Agent (incorporated by reference from Bunge Limited’s Form 10-K filed on February 19, 2021) 10.19 Tenth Amended and Restated Guaranty, dated as of July 16, 2021, by Bunge Limited, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, in its capacity as Letter of Credit Agent, and the Letter of Credit Banks named therein, JPMorgan Chase Bank, N.A., as Administrative Agent under the Liquidity Agreement, and The Bank of New York Mellon, as Collateral Agent under the Security Agreement and Trustee under the Pooling Agreement (incorporated by reference from Bunge Limited’s Form 8-K filed on July 19, 2021) 10.20 Credit Agreement, dated as of July 7, 2023, by and among Bunge Limited Finance Corp., as Borrower, CoBank, ACB, as Administrative Agent and Lead Arranger, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on July 11, 2023) 10.21 Guaranty, dated as of July 7, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to CoBank, ACB, as Administrative Agent under the Credit Agreement incorporated as Exhibit 10.20 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed July 11, 2023) 10.22 Revolving Credit Agreement, dated as of March 1, 2024, among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Sumitomo Mitsui Banking Corporation, as Syndication Agent, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Bank of America, N.A., Bank of Montreal, BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, Crédit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., ING Bank N.V., Mizuho Bank, Ltd. and Wells Fargo Bank, N.A., as Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on March 6, 2024) 10.23 Guaranty, dated as of March 1, 2024, by Bunge Global SA to JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent under the Revolving Credit Agreement incorporated as Exhibit 10.22 hereto (incorporated by reference from the Registrant’s Form 8-K filed on March 6, 2024) 67 Table of Contents Exhibit Number Description 10.24 +++ Second Amendment Agreement to Facility Agreement, dated as of June 21, 2023, by and among Bunge Finance Europe B.V., as Borrower, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and SMBC Bank International Plc as Arrangers, BNP Paribas, as Sustainability Co-ordinator, Natixis, as Lead Sustainability Co-ordinator, and Crédit Agricole Corporate and Investment Bank, as Agent, and certain lenders party thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) 10.25 First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited, as Guarantor, to Crédit Agricole Corporate and Investment Bank, as Administrative Agent to the Facility Agreement incorporated as Exhibit 10.24 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) 10.26 First Amended and Restated Revolving Credit Agreement, dated as of April 12, 2024, by and among Bunge Limited Finance Corp., as Borrower, Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent, Sumitomo Mitsui Banking Corporation, as Syndication Agent, BNP Paribas, Citibank, N.A., Natixis, New York Branch and U.S. Bank National Association, as Co-Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed on April 16, 2024) 10.27 First Amended and Restated Guaranty, dated as of April 12, 2024, by Bunge Global SA, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent under the First Amended and Restated Revolving Credit Agreement incorporated as Exhibit 10.26 hereto (incorporated by reference from the Registrant’s Form 8-K Form 8-K filed on April 16, 2024) 10.28 Second Amendment to Term Loan Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, Sumitomo Mitsui Banking Corporation, as Administrative Agent, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) 10.29 Second Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to Sumitomo Mitsui Banking Corporation, as Administrative Agent under the Term Loan Agreement incorporated as Exhibit 10.28 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) 10.30 First Amended and Restated Term Loan Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Sumitomo Mitsui Banking Corporation, Bank of America, N.A., BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, ING Bank N.V., JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., PNC Bank, National Association, Royal Bank of Canada, The Toronto-Dominion Bank, New York Branch, Truist Bank, U.S. Bank National Association and Wells Fargo Bank, National Association, as Syndication Agents, and the several lenders from time to time parties thereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) 10.31 First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to JPMorgan Chase Bank, N.A., as Administrative Agent to the First Amended and Restated Term Loan Agreement incorporated as Exhibit 10.30 hereto (incorporated by reference from Bunge Limited’s Form 8-K filed on June 26, 2023) 10.32 +++ First Amended and Restated Facility Agreement, dated as of March 1, 2024, by and among Bunge Finance Europe B.V., as Borrower, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and SMBC Bank International Plc as Arrangers, Natixis and BNP Paribas, as Sustainability Co-ordinators, and Crédit Agricole Corporate and Investment Bank, as Agent, and certain lenders party thereto (incorporated by reference from the Registrant’s Form 8-K filed March 6, 2024) 10.33 Accordion Increase Certificate, dated as of March 1, 2024, under the First Amended and Restated Facility Agreement incorporated as Exhibit 10.32 hereto (incorporated by reference from the Registrant’s Form 8-K filed on March 6, 2024) 10.34 First Amendment and Waiver Agreement, dated as of March 1, 2024, under the First Amended and Restated Facility Agreement incorporated as Exhibit 10.32 hereto (incorporated by reference from the Registrant’s Form 8-K filed March 6, 2024) 10.35 First Amended and Restated Guaranty, dated as of March 1, 2024, by Bunge Global SA to Crédit Agricole Corporate and Investment Bank, as the facility agent to the First Amended and Restated Facility Agreement incorporated as Exhibit 10.32 hereto (incorporated by reference from the Registrant’s Form 8-K filed March 6, 2024) 10.36 + Bunge 2009 Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant's Form 8-K12G3 filed November 1, 2023) 10.37 + Form of Nonqualified Stock Option Award Agreement under the Bunge 2009 Equity Incentive Plan (incorporated by reference from Bunge Limited’s Form 10-K filed March 1, 2011) 68 Table of Contents Exhibit Number Description 10.38 + Bunge 2016 Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant’s Form 8-K12G3 filed November 1, 2023) 10.39 + Form of Global Stock Option Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from Bunge Limited’s Form 10-K filed February 28, 2017) 1 0.40 + Form of Global Restricted Stock Unit Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.41 + Form of Global Performance Unit Agreement under the Bunge 2016 Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.42 + Bunge 2024 Long-Term Incentive Plan (incorporated by reference from the Registrant’s Form 8-K filed on May 16, 2024) 10.43 *+ Form of Global Restricted Stock Unit Agreement under the Bunge 2024 Long-Term Incentive Plan 10.44 *+ Form of Global Performance Unit Agreement under the Bunge 2024 Long-Term Incentive Plan 10.45 + Bunge 2017 Non-Employee Directors Equity Incentive Plan, as amended and restated (incorporated by reference from the Registrant’s Form 8-K12G3 filed November 1, 2023) 10.46 + Form of Restricted Stock Unit Award Agreement under the Bunge 2017 Non-Employee Directors Equity Incentive Plan (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.47 + Bunge Excess Benefit Plan effective January 1, 2009, and amendments thereto through January 1, 2023 (frozen plan as of December 31, 2022) (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.48 + Bunge Excess Contribution Plan (Amended and Restated as of January 1, 2023) (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.49 + Bunge Supplemental Excess Contribution Plan effective January 1, 2018, and amendment thereto through January 1, 2020 (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.50 + Bunge Employee Deferred Compensation Plan effective January 1, 2008, and amendment thereto through November 1, 2023 (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.51 + Bunge Annual Incentive Plan effective January 1, 2023, and amendment thereto through November 1, 2023 (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.52 + Bunge Executive Severance Plan (incorporated by reference from Bunge Limited’s Form 10-Q filed on July 27, 2022) 10.53 + Executive Employment Agreement, dated as of December 20, 2023, between Bunge Management Services, Inc. and Gregory A. Heckman (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 10.54 + Executive Employment Agreement, dated as of December 20, 2023, between Bunge Management Services, Inc. and John W. Neppl (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 19.1 * Insider Trading Policy 21.1 * Subsidiaries of the Registrant 22.1 * Subsidiary Issuers of Guaranteed Securities 23.1 * Consent of Deloitte & Touche LLP 31.1 * Certification of Bunge Global SA's Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act 31.2 * Certification of Bunge Global SA's Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act 32.1 ** Certification of Bunge Global SA's Chief Executive Officer pursuant to Section 906 of the Sarbanes Oxley Act 32.2 ** Certification of Bunge Global SA's Chief Financial Officer pursuant to Section 906 of the Sarbanes Oxley Act 97.1 Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference from the Registrant’s Form 10-K filed February 22, 2024) 69 Table of Contents Exhibit Number Description (101) Interactive Data Files (submitted electronically herewith) 101 SCH * XBRL Taxonomy Extension Schema Document 101 CAL * XBRL Taxonomy Extension Calculation Linkbase Document 101 LAB * XBRL Taxonomy Extension Labels Linkbase Document 101 PRE * XBRL Taxonomy Extension Presentation Linkbase Document 101 DEF * XBRL Taxonomy Extension Definition Linkbase Document 101 INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 104  Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101) Subsidiary Issuers of Guaranteed Securities

• Filed herewith. ** Furnished herewith.

• Denotes a management contract or compensatory plan or arrangement. ++ Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission as part of an application for confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. +++ Certain information contained in this exhibit, marked by [***], has been omitted because it (i) is not material and (ii) is the type of information that the registrant treats as private or confidential. 70 Table of Contents BUNGE GLOBAL SA Schedule II—Valuation and Qualifying Accounts (US$ in millions) Description Balance at beginning of period Charged to costs and expenses Charged to other accounts (b) Deductions from reserves   Balance at end of period FOR THE YEAR ENDED DECEMBER 31, 2022 Allowances for doubtful accounts (a) $ 132   66   5   ( 67 ) (c) $ 136 Allowances for secured advances to suppliers (d) $ 39   13   3   ( 12 ) $ 43 Allowances for recoverable taxes $ 44   3   1   ( 12 ) $ 36 Income tax valuation allowances $ 297   17   ( 7 ) ( 38 )   $ 269 FOR THE YEAR ENDED DECEMBER 31, 2023 Allowances for doubtful accounts (a) $ 136   71   3   ( 74 ) (c) $ 136 Allowances for secured advances to suppliers (d) $ 43   9   3   ( 16 ) $ 39 Allowances for recoverable taxes $ 36   14   2   ( 17 ) $ 35 Income tax valuation allowances $ 269   391   2   ( 72 ) $ 590 FOR THE YEAR ENDED DECEMBER 31, 2024 Allowances for doubtful accounts (a) $ 136   51   ( 11 ) ( 63 ) (c) $ 113 Allowances for secured advances to suppliers (d) $ 39   5   ( 8 ) ( 4 ) $ 32 Allowances for recoverable taxes $ 35   6   ( 7 ) ( 9 ) $ 25 Income tax valuation allowances $ 590   41   ( 16 ) ( 20 ) $ 595 (a) Includes allowance for doubtful accounts for current and non-current trade accounts receivables. (b) Consists primarily of foreign currency translation adjustments. (c) Includes write-offs of uncollectible accounts and recoveries. (d) Includes allowances for secured advances to suppliers for current and non-current secured advances. E-1 Table of Contents INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Consolidated Financial Statements Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) F- 2 Consolidated Statements of Income for the Years Ended December 31, 2024, 2023 and 2022 F- 4 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022 F- 5 Consolidated Balance Sheets at December 31, 2024 and 2023 F- 6 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 F- 7 Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Years Ended December 31, 2024, 2023 and 2022 F- 8 Notes to the Consolidated Financial Statements F- 11 F-1 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and the Board of Directors of Bunge Global SA Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Bunge Global SA and subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of income, comprehensive income, cash flows, and changes in equity and redeemable noncontrolling interests, for each of the three years in the period ended December 31, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on the criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 20, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Readily Marketable Inventories and Physically Settled Forward Purchase and Sale Contracts - Refer to Notes 1 and 15 to the financial statements Critical Audit Matter Description The Company records agricultural commodity inventories, referred to as readily marketable inventories (RMI), and physically settled forward purchase and sale contracts at fair value with changes in fair value recorded in earnings as a component of cost of goods sold. The Company values RMI and physically settled forward purchase and sale contracts primarily using Level 1 inputs, such as public exchange quotes of commodity futures, broker or dealer quotations. A portion of the value, however, is derived using significant unobservable inputs referred to as Level 3 inputs, such as management estimates regarding costs of transportation and other location-related adjustments in Brazil, that involve significant judgment by management. F-2 Table of Contents Auditing the significant unobservable inputs in Brazil used by management to estimate the fair value of RMI and physically settled forward purchase and sale contracts involved judgment. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the significant unobservable inputs in Brazil used by management to estimate the fair value of RMI and physically settled forward purchase and sale contracts included the following, among others: • We tested the effectiveness of controls over management’s review of the underlying assumptions used in the Company’s process of estimating the fair value of RMI and physically settled forward purchase and sale contracts, including those over Level 3 inputs. • We evaluated the appropriateness and consistency of the Company’s methods and assumptions used to estimate the fair value of RMI and physically settled forward purchase and sale contracts. • We evaluated management’s ability to accurately estimate fair value by comparing management’s historical estimates to subsequent transactions, considering changes in market conditions subsequent to year-end. • We made selections of RMI and physically settled forward purchase and sale contracts to test Level 3 inputs and performed the following: ◦ We evaluated the reasonableness of the Level 3 inputs by reference to third-party data, information produced by the entity, and inquires of management, as well as evaluated the qualifications of third party brokers. ◦ We searched for contradictory evidence to Level 3 inputs based on third party data, and our knowledge of the commodities market and inquiries of management. /s/ Deloitte & Touche LLP St. Louis, Missouri February 20, 2025 We have served as the Company's auditor since 2002. F-3 Table of Contents PART I—FINANCIAL INFORMATION ITEM 1.    FINANCIAL STATEMENTS BUNGE GLOBAL SA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (U.S. dollars in millions, except per share data) Year Ended December 31, 2024 2023 2022 Net sales $ 53,108   $ 59,540   $ 67,232 Cost of goods sold ( 49,715 ) ( 54,695 ) ( 63,550 ) Gross profit 3,393   4,845   3,682 Selling, general and administrative expenses ( 1,776 ) ( 1,715 ) ( 1,369 ) Interest income 163   148   71 Interest expense ( 471 ) ( 516 ) ( 403 ) Foreign exchange (losses) gains — net ( 189 ) 20   ( 11 ) Other income (expense) — net 442   129   ( 9 ) (Loss) income from affiliates ( 38 ) 140   105 Income before income tax 1,524   3,051   2,066 Income tax expense ( 336 ) ( 714 ) ( 388 ) Net income 1,188   2,337   1,678 Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests ( 51 ) ( 94 ) ( 68 ) Net income attributable to Bunge shareholders (Note 23) $ 1,137   $ 2,243   $ 1,610 Earnings per share—basic (Note 23) Net income attributable to Bunge shareholders - basic $ 8.09   $ 15.07   $ 10.83 Earnings per share—diluted (Note 23) Net income attributable to Bunge shareholders - diluted $ 7.99   $ 14.87   $ 10.51 The accompanying notes are an integral part of these consolidated financial statements. F-4 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (U.S. dollars in millions) Year Ended December 31, 2024 2023 2022 Net income $ 1,188   $ 2,337   $ 1,678 Other comprehensive (loss) income: Foreign exchange translation adjustment ( 929 ) 341   12 Unrealized gains (losses) on designated hedges, net of tax benefit (expense) of $ 5 , $( 3 ), and $( 2 ) 127   ( 99 ) ( 81 ) Pension adjustment, net of tax benefit (expense) of $ 4 , $ 3 , and $( 5 ) ( 24 ) ( 18 ) 40 Reclassification of realized net losses to net income, net of tax (benefit) expense of $( 2 ), $ 3 , and $ 12 146   99   122 Total other comprehensive (loss) income ( 680 ) 323   93 Total comprehensive income 508   2,660   1,771 Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests          ( 19 ) ( 100 ) ( 46 ) Comprehensive loss attributable to acquisition of redeemable noncontrolling interest —   —   ( 15 ) Total comprehensive income attributable to Bunge $ 489   $ 2,560   $ 1,710 The accompanying notes are an integral part of these consolidated financial statements. F-5 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (U.S. dollars in millions, except share data) December 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 3,311   $ 2,602 Trade accounts receivable (less allowances of $ 89 and $ 104 ) (Note 4) 2,148   2,592 Inventories (Note 5) 6,491   7,105 Other current assets (Note 6) 4,008   4,051 Total current assets 15,958   16,350 Property, plant and equipment, net (Note 7) 5,254   4,541 Operating lease assets (Note 25) 932   926 Goodwill (Note 8) 453   489 Other intangible assets, net (Note 9) 321   398 Investments in affiliates (Note 11) 779   1,280 Deferred income taxes (Note 14) 645   773 Other non-current assets (Note 12) 557   615 Total assets $ 24,899   $ 25,372 LIABILITIES AND EQUITY Current liabilities: Short-term debt (Note 17) $ 875   $ 797 Current portion of long-term debt (Note 17) 669   5 Trade accounts payable (includes $ 388 and $ 823 carried at fair value) 2,777   3,664 Current operating lease obligations (Note 25) 286   308 Other current liabilities (Note 13) 2,828   2,913 Total current liabilities 7,435   7,687 Long-term debt (Note 17) 4,694   4,080 Deferred income taxes (Note 14) 379   400 Non-current operating lease obligations (Note 25) 595   566 Other non-current liabilities (Note 21) 847   824 Redeemable noncontrolling interests 4   1 Equity (Note 22): Registered shares, par value $ 0.01 ; authorized not issued— 86,861,666 shares; conditionally authorized 32,285,894 shares; issued and outstanding: 2024 - 133,964,235 shares, 2023 - 145,319,668 shares 1   1 Additional paid-in capital 5,325   5,900 Retained earnings 12,838   12,077 Accumulated other comprehensive loss (Note 22) ( 6,702 ) ( 6,054 ) Treasury shares, at cost; 2024— 21,318,307 shares and 2023— 16,109,804 shares ( 1,549 ) ( 1,073 ) Total Bunge shareholders' equity 9,913   10,851 Noncontrolling interests 1,032   963 Total equity 10,945   11,814 Total liabilities, redeemable noncontrolling interest and equity $ 24,899   $ 25,372 The accompanying notes are an integral part of these consolidated financial statements. F-6 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in millions) Year Ended December 31, 2024 2023 2022 OPERATING ACTIVITIES Net income $ 1,188   $ 2,337   $ 1,678 Adjustments to reconcile net income to cash provided by (used for) operating activities: Impairment charges 41   104   162 Foreign exchange loss (gain) on net debt 174   ( 281 ) ( 101 ) Depreciation, depletion and amortization 468   451   408 Share-based compensation expense 65   69   65 Deferred income tax (benefit) expense ( 10 ) ( 1 ) ( 119 ) Gain on sale of investments and property, plant and equipment ( 205 ) ( 4 ) ( 6 ) Results from affiliates 19   ( 157 ) ( 106 ) Other, net 65   117   97 Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions: Trade accounts receivable 169   256   ( 206 ) Inventories 96   1,518   ( 269 ) Secured advances to suppliers 207   ( 121 ) ( 14 ) Trade accounts payable and accrued liabilities ( 538 ) ( 939 ) 67 Advances on sales 51   ( 140 ) 175 Net unrealized (gains) losses on derivative contracts 262   ( 366 ) ( 31 ) Margin deposits 36   173   ( 242 ) Recoverable and income taxes, net ( 242 ) 202   ( 94 ) Marketable securities ( 36 ) 23   325 Beneficial interest in securitized trade receivables —   —   ( 6,940 ) Other, net 90   67   ( 398 ) Cash provided by (used for) operating activities 1,900   3,308   ( 5,549 ) INVESTING ACTIVITIES Payments made for capital expenditures ( 1,376 ) ( 1,122 ) ( 555 ) Proceeds from investments 887   49   326 Payments for investments ( 1,285 ) ( 69 ) ( 321 ) Settlements of net investment hedges 71   ( 64 ) ( 135 ) Proceeds from beneficial interest in securitized trade receivables —   87   6,824 Proceeds from disposal of business and property, plant and equipment 8   170   508 Payments for investments in affiliates ( 61 ) ( 136 ) ( 55 ) Proceeds from sale of investments in affiliates 728   —   — Other, net ( 86 ) 76   ( 93 ) Cash (used for) provided by investing activities ( 1,114 ) ( 1,009 ) 6,499 FINANCING ACTIVITIES Net change in short-term debt with maturities of three months or less 137   138   127 Proceeds from short-term debt with maturities greater than three months 1,064   1,247   1,753 Repayments of short-term debt with maturities greater than three months ( 1,077 ) ( 987 ) ( 1,856 ) Proceeds from long-term debt 2,045   1,008   300 Repayments of long-term debt ( 753 ) ( 1,176 ) ( 1,029 ) Debt issuance costs ( 24 ) ( 30 ) ( 3 ) Proceeds from the exercise of options for common shares 11   9   92 Repurchases of registered or common shares ( 1,100 ) ( 600 ) ( 200 ) Dividends paid to registered, common or preference shareholders ( 378 ) ( 383 ) ( 349 ) Sale of noncontrolling interest —   —   542 Acquisition of redeemable noncontrolling interest and noncontrolling interest —   —   ( 102 ) Settlement of cross currency swap —   ( 79 ) — Capital contributions from (Return of capital to) noncontrolling interest 53   56   6 Other, net ( 68 ) ( 59 ) ( 50 ) Cash used for financing activities ( 90 ) ( 856 ) ( 769 ) Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale 9   28   66 Net increase in cash and cash equivalents, restricted cash, and cash held for sale 705   1,471   247 Cash and cash equivalents, restricted cash, and cash held for sale - beginning of period 2,623   1,152   905 Cash and cash equivalents, restricted cash, and cash held for sale - end of period $ 3,328   $ 2,623   $ 1,152 The accompanying notes are an integral part of these consolidated financial statements. F-7 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (U.S. dollars in millions, except share data) Registered Shares Treasury Shares Redeemable Non- Controlling Interests Shares Amount Shares Amount Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Non- Controlling Interests Total Equity Balance, January 1, 2024 $ 1   145,319,668   $ 1   16,109,804   $ ( 1,073 ) $ 5,900   $ 12,077   $ ( 6,054 ) $ 963   $ 11,814 Net (loss) income ( 1 ) —   —   —   —   —   1,137   —   52   1,189 Other comprehensive loss —   —   —   —   —   —   —   ( 648 ) ( 32 ) ( 680 ) Redemption value adjustment 2   —  —  —  —   —   ( 2 ) —   —   ( 2 ) Dividends on registered shares, $ 2.72 per share —   —   —   —   —   —   ( 373 ) —   —   ( 373 ) Dividends to noncontrolling interests on subsidiary common stock —   —   —   —   —   —   —   —   ( 4 ) ( 4 ) Capital contribution from noncontrolling interest 2   —   —   —   —   ( 2 ) —   —   53   51 Share-based compensation expense —   —   —   —   65   —   —   —   65 Cancellation of treasury shares —   —   —   ( 6,146,930 ) 572   ( 572 ) —   —   —   — Repurchase of registered shares —   ( 12,150,763 ) —   12,150,763   ( 1,100 ) —   —   —   —   ( 1,100 ) Issuance of registered shares, including stock dividends —   795,330   —   ( 795,330 ) 52   ( 66 ) ( 1 ) —   —   ( 15 ) Balance, December 31, 2024 $ 4   133,964,235   $ 1   21,318,307   $ ( 1,549 ) $ 5,325   $ 12,838   $ ( 6,702 ) $ 1,032   $ 10,945 F-8 Table of Contents Common Shares Registered Shares Treasury Shares Redeemable Non- Controlling Interests Shares Amount Shares Amount Shares Amount Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Non- Controlling Interests Total Equity Balance, January 1, 2023 $ 4   149,907,932   $ 1   —   $ —   18,835,812   $ ( 1,320 ) $ 6,692   $ 10,222   $ ( 6,371 ) $ 732   $ 9,956 Net (loss) income ( 1 ) —  —  —  —  —  —  —  2,243   —  95   2,338 Other comprehensive income —   —  —  —  —  —  —  —  —  317   6   323 Redemption value adjustment ( 2 ) —  —  —  —  —  —  —  2   —  —  2 Dividends on common shares, $ 2.6125 per share —  —  —  —  —  —  —  —  ( 386 ) —  —  ( 386 ) Dividends to noncontrolling interests on subsidiary common stock —   —  —  —  —  —  —  —  —  —  ( 17 ) ( 17 ) Capital contribution from noncontrolling interest —  —  —  —  —  —  —  —  —  —  56   56 Acquisition of noncontrolling interest —  —  —  —  —  —  —  —  —  —  91   91 Share-based compensation expense —  —  —  —  —  —  —  69   —  —  —  69 Cancellation of common shares and issuance of registered shares —  ( 145,287,978 ) ( 1 ) 145,287,978   1   —  —  —  —  —  —  — Cancellation of treasury shares —  —  —  —  —  ( 8,102,179 ) 845   ( 845 ) —  —  —  — Repurchase of common shares —  ( 5,407,861 ) —  —  —  5,407,861   ( 600 ) —  —  —  —  ( 600 ) Issuance of registered or common shares, including stock dividends —  787,907   —  31,690   —  ( 31,690 ) 2   ( 16 ) ( 4 ) —  —  ( 18 ) Balance, December 31, 2023 $ 1   —   $ —   145,319,668   $ 1   16,109,804   $ ( 1,073 ) $ 5,900   $ 12,077   $ ( 6,054 ) $ 963   $ 11,814 F-9 Table of Contents Convertible Preference Shares Common Shares Treasury Shares Redeemable Non- Controlling Interests Shares Amount Shares Amount Shares Amount Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Non- Controlling Interests Total Equity Balance, January 1, 2022 $ 381   6,899,683   $ 690   141,057,414   $ 1   16,726,697   $ ( 1,120 ) $ 5,590   $ 8,979   $ ( 6,471 ) $ 156   $ 7,825 Net income 13   —  —  —  —  —  —  —  1,610   —  55   1,665 Other comprehensive income (loss) ( 24 ) —  —  —  —  —  —  —  —  115   2   117 Redemption value adjustment 1   —  —  —  —  —  —  —   —   —  —  — Dividends on common shares,$ 2.40 per share —  —  —  —  —  —  —  —  ( 362 ) —  —  ( 362 ) Dividends to noncontrolling interests on subsidiary common stock —   —  —  —  —  —  —  —  —  —  ( 17 ) ( 17 ) Capital contribution from noncontrolling interest —  —  —  —  —  —  —  —  —  6   6 Sale of noncontrolling interest —  —  —  —  —  —  247   —  —  295   542 Acquisition of redeemable noncontrolling interest ( 367 ) —  —  —  —  —  —  45   —  ( 15 ) 235   265 Share-based compensation expense —  —  —  —  —  —  —  65   —  —  —  65 Repurchase of common shares —  —  —  ( 2,109,115 ) —  2,109,115   ( 200 ) —  —  —  —  ( 200 ) Conversion of preference shares to common shares —  ( 6,899,683 ) ( 690 ) 8,863,331   —  —  —  690   —  —  —  — Issuance of common shares, including stock dividends —  —  —  2,096,302   —  —  —  55   ( 5 ) —  —  50 Balance, December 31, 2022 $ 4   —   $ —   149,907,932   $ 1   18,835,812   $ ( 1,320 ) $ 6,692   $ 10,222   $ ( 6,371 ) $ 732   $ 9,956 The accompanying notes are an integral part of these consolidated financial statements. F-10 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Description of Business —On November 1, 2023, Bunge Global SA completed the change of jurisdiction of incorporation of its group holding company from Bermuda to Switzerland (the "Redomestication"). The Redomestication, as approved by our shareholders, was effected pursuant to a scheme of arrangement under Bermuda law. Each common share of Bunge Limited, par value $ 0.01 per share, was cancelled in exchange for an equal number of registered shares of Bunge Global SA, par value $ 0.01 per share (the "registered shares"). The registered shares began trading on the New York Stock Exchange (the "NYSE") under the symbol "BG" on November 1, 2023, which is the same symbol under which the Bunge Limited shares were previously traded. References to the term "shares" refer to Bunge Limited common shares prior to the Redomestication and to Bunge Global SA registered shares after the Redomestication, unless otherwise specified. See Note 22- Equity for further information. Bunge Global SA, together with its consolidated subsidiaries and variable interest entities ("VIEs") in which it is considered the primary beneficiary, through which its businesses are conducted (collectively "Bunge" or "the Company"), is a leading global agribusiness and food company. Bunge operates in four reportable segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. 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. Agribusiness —Bunge's Agribusiness segment is an integrated, global business involved in the purchase, storage, transport, processing, and sale of agricultural commodities and commodity products. Bunge's agribusiness operations and assets are located in North America, South America, Europe, and Asia-Pacific with merchandising and distribution offices throughout the world. Bunge's Agribusiness segment also participates in related financial activities, such as offering trade structured finance, which leverages its international trade flows, providing risk management services to customers by assisting them with managing price exposure to agricultural commodities, foreign exchange, and other financial instruments. Refined and Specialty Oils —Bunge's Refined and Specialty Oils segment produces and sells edible oil products, such as packaged and bulk oils and fats, shortenings, margarines, mayonnaise, and other products derived from the vegetable oil refining process, including renewable diesel feedstocks, and refines and fractionates palm oil, palm kernel oil, coconut oil, and shea butter. Bunge's refined and specialty oils operations are located in North America, South America, Europe, Asia-Pacific, and Africa. Milling —Bunge's Milling segment primarily comprises wheat and corn milling businesses that purchase wheat and corn directly from farmers and dealers and process them into milled products for food processors, bakeries, brewers, snack food producers, and other customers. Due to the completion of the sale of Bunge's Mexican wheat milling business during the third quarter of 2022, Bunge's wheat milling activities are now primarily located in Brazil. Corn milling activities are primarily located in the United States and Mexico. See Note 2- Acquisitions and Dispositions for additional information on the completed sale of Bunge's Mexican wheat milling activities. Sugar and Bioenergy — Bunge's Sugar and Bioenergy segment primarily consists of results from the Company's previously owned 50 % ownership interest in BP Bunge Bioenergia, a joint venture with BP p.l.c. ("BP"). On October 1, 2024, Bunge completed the sale of our 50 % ownership share in BP Bunge Bioenergia to BP. Prior to the sale, the joint venture operated in the ethanol, biopower, and sugar markets in Brazil. BP Bunge Bioenergia operated on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil. Bunge accounted for its interest in the joint venture under the equity method of accounting. See Note 2- Acquisitions and Dispositions for further details regarding the Company's disposition of BP Bunge Bioenergia. Argentina Bunge has significant operating subsidiaries in Argentina. Argentina has experienced hyperinflation, high fiscal deficit and negative Gross Domestic Product ("GDP") growth in recent years. Throughout 2023 and 2022, Argentina’s government has F-11 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) published multiple Emergency Decrees, certain of which have introduced preferential U.S. dollar to Argentine peso foreign exchange rates (collectively referred to as the "Export Programs"). Preferential exchange rates under the Export Programs were available exclusively during specific periods of time to be used on qualifying Argentine peso denominated purchases of certain commodities and payment of export duties. The Export Programs were aimed at boosting farmer selling and in turn commodity exports generating an influx of foreign currency. During the periods covered by the Export Programs, qualifying commodity prices in Argentine pesos were directly impacted by the preferential rates. Transactions related to these Export Programs were accounted for at the preferential rate. There were no transactions accounted for utilizing a preferential rate for the year ended December 31, 2024. Ukraine-Russia War On February 24, 2022, Russia initiated a military invasion of Ukraine (the "war"). Bunge’s Ukrainian operations comprise two oilseed crushing facilities, located in Mykolaiv and Dnipropetrovsk, a grain export terminal in Mykolaiv commercial seaport, numerous grain elevators, and an office in Kiev. The Company also operates both a corn milling facility and an oilseed processor in Ukraine via joint ventures. As of December 31, 2024, total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries each comprise less than 3 % of Bunge’s consolidated Total assets and Total liabilities, respectively. In the year ended December 31, 2024, the Company recognized insurance recoveries related to the war of $ 58  million which were recorded in Cost of goods sold in the consolidated statements of income. The recoveries included $ 52  million attributable to business interruption and $ 6  million attributable to property damage. No impairments or charges related to the war were recorded during the year ended December 31, 2024. However, the scope, intensity, duration, and outcome of the ongoing war is uncertain, and any continuation or escalation of the war may have a material adverse effect on Bunge, including its Ukrainian operations. Basis of Presentation —The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accounting policies used to prepare these financial statements are the same as those used to prepare the consolidated financial statements in prior years, except as described in these notes or for the adoption of new standards as outlined below. Principles of Consolidation —The accompanying consolidated financial statements include the accounts of Bunge, its subsidiaries and VIEs in which Bunge is considered to be the primary beneficiary and, as a result, include the assets, liabilities, revenues, and expenses of all entities over which Bunge exercises control. Equity investments in which Bunge has the ability to exercise significant influence but does not have a controlling financial interest are accounted for by the equity method of accounting. Investments in which Bunge does not exercise significant influence are accounted for at cost, or fair value if readily determinable. Intercompany accounts and transactions are eliminated. An enterprise is determined to be the primary beneficiary if it has a controlling financial interest, defined as (a) the power to direct the activities of a VIE that most significantly impact the economics of the VIE and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE's operations. 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. Noncontrolling interests in subsidiaries related to Bunge's ownership interests of less than 100 % are reported as Noncontrolling interests or Redeemable noncontrolling interests in the consolidated balance sheets. The noncontrolling ownership interests in Bunge's earnings, net of tax, is reported as Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests in the consolidated statements of income. Reclassifications —Effective January 1, 2024, the Company changed its reporting of purchases and sales activity within the readily marketable inventories Level 3 reconciliation to align with the Company's value chain trade flows and intended use, which had no net impact on Level 3 readily marketable inventories period end balances. Prior period activity has been reclassified to conform to current presentation. See Note 15- Fair Value Measurements for further details regarding the reclassification. Further, effective January 1, 2023, the Company changed its reporting of cash proceeds from and repayments of short-term debt with maturities of three months or less to be presented on a net basis in its consolidated statements of cash flows. Prior to January 1, 2023, the Company presented cash proceeds from and repayments of short-term debt with maturities of three months or less separately in its consolidated statements of cash flows. Prior period amounts have been reclassified to conform to current presentation. F-12 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Use of Estimates —The preparation of consolidated financial statements in conformity with U.S. GAAP requires Bunge to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. Offsetting —In the normal course of its operations the Company routinely enters into transactions resulting in the recognition of assets and liabilities stemming from unconditional obligations, for example trade receivables and trade payables, or conditional obligations, for example unrealized gains and losses on derivative contracts at fair value, with the same counterparty. The Company generally records all such assets and liabilities on a gross basis, even when they are subject to master netting agreements. However, the Company also engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which Bunge generally obtains U.S. dollar and foreign currency denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, as well as foreign exchange forward contracts and other programs in which trade related payables are set-off against receivables, when all related assets and liabilities are subject to legally enforceable set-off agreements and the criteria of Accounting Standards Codification ("ASC") 210-20, Offsetting , has been met. Cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows. Translation of Foreign Currency Financial Statements —Bunge's reporting currency is the U.S. dollar. The functional currency of the majority of Bunge's foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income, comprehensive income, cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then the foreign entity's financial statements are remeasured as if the functional currency were the reporting currency. Foreign Currency Transactions —Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. 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. 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. 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. December 31, (US$ in millions) 2024 2023 2022 Cash and cash equivalents $ 3,311   $ 2,602   $ 1,104 Restricted cash included in Other current assets 17   21   26 Cash and cash equivalents in Assets held for sale —   —   22 Total $ 3,328   $ 2,623   $ 1,152 Trade Accounts Receivable —Trade accounts receivable is stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Bunge establishes allowances for uncollectible trade accounts receivable based on lifetime expected credit losses using an aging schedule for each pool of trade accounts receivable. Pools are determined based on risk characteristics such as the type of customer and geography. A default rate is derived using a provision matrix with data based on Bunge's historical receivables information. The default rate is then applied to the pool to determine the allowance for expected credit losses. Given the short-term nature of the Company's trade accounts receivable, the default rate is only adjusted if significant changes in the credit profile of the portfolio are identified (e.g., poor crop years, credit issues at the country level, systematic risk), resulting in historic loss rates that are not representative of forecasted losses. Uncollectible accounts are F-13 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that collection of the balance is unlikely. Bunge records and reports accrued interest receivable within the same line item as the related trade accounts receivable. The allowance for expected credit losses is estimated on the amortized cost basis of the trade accounts receivable, including accrued interest receivable. Bunge recognizes credit loss expense when establishing an allowance for accrued interest receivable. Secured Advances to Suppliers —Secured advances to suppliers are stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Secured advances to suppliers are expected to be settled through delivery of non-cash assets and as such, allowances are established when collection is not probable. Bunge establishes an allowance for secured advances to suppliers, generally farmers and resellers of grain, based on historical experience, farming economics and other market conditions, as well as specific supplier collection issues. Uncollectible accounts are written off when a settlement is reached for an amount below the outstanding historical balance or when Bunge has determined that collection is unlikely. Secured advances to suppliers bear interest at contractual rates that reflect current market interest rates at the time of the transaction. There are no deferred fees or costs associated with these receivables. As a result, there are no imputed interest amounts to be amortized under the interest method. Interest income is calculated based on the terms of the individual agreements and is recognized on an accrual basis. Bunge follows accounting guidance on the disclosure of the credit quality of financing receivables and the allowance for credit losses, which requires information to be disclosed at disaggregated levels, defined as portfolio segments and classes. 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. Recognition of interest income is suspended once the borrower defaults on the originally scheduled delivery of agricultural commodities as the collection of future income is determined not to be probable. No additional interest income is accrued from the point of default until ultimate recovery, at which time amounts collected are credited first against the receivable and then to any unrecognized interest 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. These agricultural commodity inventories have quoted prices in active markets, may be sold without significant further processing, and have predictable and insignificant disposal costs. Changes in the fair values of RMI are recognized in earnings as a component of Cost of goods sold. Inventories other than RMI are stated at the lower of cost or net realizable value by inventory product class. Cost is determined primarily using the weighted-average cost method. Fair Value Measurements —Bunge determines fair value based on the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Bunge determines the fair values of its RMI, derivatives, and certain other assets and liabilities based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs based on market data obtained from sources independent of Bunge that reflect the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are inputs that are developed based on the best information available in circumstances that reflect Bunge's own assumptions based on market data and on assumptions that market participants would use in pricing the asset or liability. The fair value standard describes three levels within its hierarchy that may be used to measure fair value: Level Description Financial Instrument (Assets / Liabilities) Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Exchange traded derivative contracts. Marketable securities in active markets. 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. Exchange traded derivative contracts (less liquid market). Readily marketable inventories. Over-the-counter ("OTC") commodity purchase and sale contracts. OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Marketable securities in less active markets. Level 3 Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Assets and liabilities for which the determination of fair value requires significant management judgment or estimation. Based on historical experience with Bunge’s suppliers and customers, Bunge’s own credit risk, and knowledge of current market conditions, Bunge does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. Bunge’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Bunge’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period. The majority of Bunge's exchange-traded agricultural commodity futures are settled daily, generally through its clearing subsidiary, and therefore such futures are not included in the assets and liabilities that are accounted for at fair value on a recurring basis . Derivative Instruments and Hedging Activities —Bunge enters into derivative instruments to manage its exposure to movements associated with agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, and energy costs. Bunge's use of these instruments is generally intended to mitigate exposure to market variables (see Note 16- Derivative Instruments and Hedging Activities ). Additionally, commodity contracts relating to forward sales of commodities primarily in the Company’s Agribusiness segment, including but not limited to soybeans, soybean meal and oil, corn, softseeds and wheat, are accounted for as derivatives at fair value under ASC 815 (see Revenue Recognition below). Generally, derivative instruments are recorded at fair value in Other current assets or Other current liabilities in Bunge's consolidated balance sheets. For derivatives designated as hedges, Bunge assesses at the inception of the hedge whether any such derivatives are highly effective in offsetting changes in the hedged items and, on an ongoing basis, qualitatively or quantitatively tests whether that assertion is still met. The changes in fair values of derivative instruments designated as fair value hedges, along with the gains or losses on the related hedged items are recorded in earnings in the consolidated statements of income in the same caption as the hedged items. The changes in fair values of derivative instruments that are designated as cash flow hedges are recorded in Accumulated other comprehensive loss and are reclassified to earnings when the hedged cash flows affect earnings or when the hedge is no longer considered to be effective. In addition, Bunge may designate certain derivative instruments and non-derivative instruments as net investment hedges to hedge the exposure associated with its equity investments in foreign operations. When using forward derivative contracts as hedging instruments in a net investment hedge, all changes in the fair value of the derivative are recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets. Marketable Securities and Other Short-Term Investments —Bunge classifies its marketable debt securities and short-term investments as available-for-sale, held-to-maturity, or held-for-trading. Available-for-sale debt securities are reported at fair value with unrealized gains (losses) included in Accumulated other comprehensive loss. Held-to-maturity debt investments represent financial assets in which Bunge has the intent and ability to hold to maturity and are reported at amortized cost. 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. Bunge monitors its held-to-maturity investments for impairment periodically and recognizes an impairment charge when the decline in fair value of an investment is judged to be other than temporary. 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. These recoverable tax payments are included in Other current assets or Other non-current assets based on their expected realization. In cases where Bunge determines that recovery is doubtful, recoverable taxes are reduced by allowances for the estimated unrecoverable amounts. Property, Plant and Equipment, Net —Property, plant and equipment, net is stated at cost less accumulated depreciation. Major improvements that extend either the life, capacity, efficiency, or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Costs related to legal obligations associated with the future retirement of capitalized assets are capitalized as part of the cost of the related asset. Bunge capitalizes eligible costs to acquire or develop internal-use software that are incurred during the application development stage. Interest costs on borrowings during construction/completion periods of major capital projects are also capitalized. Depreciation is computed based on the straight-line method over the estimated useful lives of the assets. Estimated useful lives for property, plant and equipment are as follows: Years Buildings 10  -  50 Machinery and equipment 3 - 25 Furniture, fixtures and other 3  -  20 Goodwill —Goodwill represents the cost in excess of the fair value of net assets acquired in a business acquisition. Goodwill is not amortized but is tested annually for impairment, or between annual tests if events or circumstances indicate potential impairment. Bunge's annual impairment testing is generally performed during the fourth quarter of its fiscal year. Goodwill is tested for impairment at the reporting unit level, which has been determined to be the Company's operating segments or one level below the operating segments in certain instances (see Note 8- Goodwill ). Other Intangible Assets —Finite-lived intangible assets primarily include trademarks, customer relationships and lists, port facility usage rights, licenses and patents that are amortized on a straight-line basis over their contractual or legal lives, or their estimated useful lives where such lives are not determined by law or contract (see Note 9- Other Intangible Assets ). Impairment of Property, Plant and Equipment and Finite-Lived Intangible Assets —Bunge reviews its property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. Bunge bases its evaluation of recoverability on such indicators as the nature, future economic benefits, and geographic locations of the assets, historical or future profitability measures, and other external market conditions. If these indicators result in the expected non-recoverability of the carrying amount of an asset or asset group, Bunge evaluates potential impairment using undiscounted estimated future cash flows. If such undiscounted future cash flows during the asset's remaining useful life are below the asset's carrying value, a loss is recognized for the shortfall, measured by the present value of the estimated future cash flows or by third-party appraisals. Bunge records impairments related to property, plant and equipment and finite-lived intangible assets used in the processing of its products in Cost of goods sold in its consolidated statements of income. Any impairment of marketing or brand assets is recognized in Selling, general and administrative expenses ("SG&A") in the consolidated statements of income (see Note 10- Impairments ). Property, plant and equipment and other finite-lived intangible assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell. Investments in Affiliates —Bunge has investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment. Bunge reviews its investments annually or when an event or circumstances indicate that a potential decline in value may be other than temporary. 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 ). Revenue Recognition —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 with Customers ("ASC 606"). Additional information about the Company’s revenues can be found in Note 26- Segment Information . Revenue from commodity contracts (ASC 815) —Revenue from commodity contracts primarily relates to forward sales of commodities including, but not limited to soybeans, soybean meal and oil, softseeds, corn, and wheat accounted for as derivatives at fair value under ASC 815, primarily in the Company’s Agribusiness segment. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying (e.g., the price of soybeans), a notional amount (e.g., metric tons), no initial net investment, and can be net settled since the commodity is readily convertible to cash. Bunge generally does not apply the normal purchase and normal sale exception available under ASC 815 to these contracts. Certain of the Company’s sales in its Refined and Specialty Oils and Milling segments also qualify as derivatives, primarily sales of commodities like bulk soybean and canola oil. Revenue from commodity contracts is recognized in Net sales for the contracted amount when the contracts are settled at a point in time by transferring control of the commodity to the customer, similarly to revenue recognized from contracts with customers under ASC 606. From inception through settlement, these forward sales arrangements are recorded at fair value under ASC 815 with unrealized gains and losses recognized in Cost of goods sold and carried on the consolidated balance sheets as current assets (see Note 6- Other Current Assets ) or current liabilities (see Note 13- Other Current Liabilities ), respectively. Further information about the fair value of these contracts is presented in Note 15- Fair Value Measurements . 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. These sales are accounted for under ASC 606 as these sales arrangements do not meet the criteria to be considered derivatives under ASC 815. These revenues are measured based on consideration specified in a contract with a customer and exclude sales taxes, discounts related to promotional programs, and amounts collected on behalf of third parties. The Company recognizes revenue from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a customer, generally when significant risks and rewards transfer to the customer. Sales terms provide for transfer of control of a product either at the time and point of shipment or at the time and point of delivery and acceptance of the product being sold. In contracts that do not specify the timing of transfer of legal title or transfer of significant risks and rewards of ownership, judgment is required in determining the timing of transfer of control. In such cases, the Company considers standard business practices and the relevant laws and regulations applicable to the transaction to determine when the significant risks and rewards of ownership are transferred. The transaction price is generally allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated based on observable data of the Company’s sales of such products and services to similar customers and in similar circumstances on a standalone basis. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Variable consideration is generally known upon satisfaction of the performance obligation. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction, which are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of goods sold. Warranties provided to customers are primarily assurance-type warranties on the fitness of purpose and merchantability of the Company’s goods and services. The Company does not provide service-type warranties to customers. Payment is generally due at the time of shipment or delivery, or within a specified time frame after shipment or delivery, which is generally 30-60 days. The Company’s contracts generally provide customers the right to reject any products that do not meet agreed quality specifications. Product returns and refunds are not material. F-17 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Additionally, the Company recognizes revenue in the Agribusiness segment from ocean freight and port services over time, as the related services are performed. Performance obligations are typically completed within a fiscal quarter and any unearned revenue or accrued revenues are not material. Share-Based Compensation —Bunge maintains equity incentive plans for its employees and non-employee directors (see Note 24- Share-based Compensation ). Bunge accounts for share-based compensation based on the grant date fair value. Share-based compensation expense is recognized on a straight-line basis over the requisite service period. Income Taxes —Income tax expenses and benefits are recognized based on the tax laws and regulations in the jurisdictions in which Bunge's subsidiaries operate. The provision for income taxes includes income taxes currently payable and deferred income taxes resulting from temporary differences between the carrying amounts of existing assets and liabilities in Bunge's consolidated financial statements and their respective tax bases. Deferred tax assets are reduced by valuation allowances if current evidence indicates that it is not "more likely than not" that the deferred tax asset will be realized. Accrued interest and penalties related to unrecognized tax benefits are recognized in Income tax expense in the consolidated statements of income (see Note 14- Income Taxes ). Research and Development —Research and development costs are expensed as incurred. Research and development expenses were $ 30 million , $ 35 million, and $ 33 million for the years ended December 31, 2024, 2023, and 2022, respectively. Governmental Assistance —Government grants are accounted for by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance , and are recognized at fair value when there is reasonable assurance that the established conditions will be met and the benefit will be received. Benefits are recognized either as a reduction of taxes payable or a credit in earnings. Bunge qualifies for business incentives from governmental entities at various localities in which the Company operates. These programs primarily consist of tax incentives and cash grants designed to promote regional social and economic development or to incentivize production of clean energy. Regional social and economic development —Bunge receives tax credits from foreign state governments on the sale of eligible products. The program is valid through 2032 and contains recapture features if Bunge fails to meet program requirements, including job creation and production levels. 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. 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. 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. At December 31, 2024, and 2023, Bunge recognized a $ 4  million and $ 1  million increase to Trade accounts receivable, respectively, in the consolidated balance sheets related to benefits not yet realized. Recently Adopted Accounting Pronouncements In the fourth quarter of 2024, the Company adopted Accounting Standards Update ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280) ("ASU 2023-07"), which requires incremental disclosures related to reportable segments, including disaggregated expense information and the title and position of the company's chief operating decision maker ("CODM"), as identified for purposes of segment determination. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. The adoption of this guidance resulted in expanded disclosures in Note 26- Segment Information . New Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03") . The standard is intended to enhance transparency of income statement disclosures, primarily through additional disaggregation of relevant expense captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Entities can F-18 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) adopt the change prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the standard on its consolidated financial statements. In March 2024, the SEC adopted final climate-related disclosure rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors . The rules require disclosure of governance, risk management, and strategy related to material climate-related risks as well as disclosure of material greenhouse gas emissions in registration statements and annual reports. In addition, the rules require presentation of certain climate-related disclosures in the annual consolidated financial statements. On April 4, 2024, the SEC voluntarily stayed the effective date of the final rules pending completion of judicial review following certain legal challenges. The rules are effective beginning with annual periods ending December 31, 2025, pending resolution of the stay. Bunge is currently evaluating the impact of the rules on the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) ("ASU 2023-09"). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The new requirements apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and early adoption is permitted. The Company has begun evaluating disclosure presentation alternatives that will result in expanded disclosure in the Company's Income Taxes footnote.
2. ACQUISITIONS AND DISPOSITIONS Acquisitions Viterra Limited Business Combination Agreement On June 13, 2023, Bunge entered into a definitive business combination agreement (the "Business Combination Agreement") with Viterra Limited ("Viterra") and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the "Sellers"), to acquire Viterra in a stock and cash transaction (the "Acquisition"). Bunge shareholders approved the Acquisition at the Extraordinary General Meeting held October 5, 2023. The Acquisition of Viterra by Bunge will create an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers. Under the terms of the Business Combination Agreement, Viterra shareholders are anticipated to receive approximately 65.6  million registered shares of Bunge, with an aggregate value of approximately $ 5.1  billion as of December 31, 2024 and receive approximately $ 2.0  billion in cash (collectively the "Transaction Consideration"), in return for 100 % of the outstanding equity of Viterra. The determination of the final value of the Transaction Consideration will depend on the Company's share price at the time of closing. Upon completion of the transaction, the Sellers are expected to own approximately 30 % of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023. In connection with the execution of the Business Combination Agreement, Bunge secured a total of $ 8.0  billion in acquisition debt financing ("Acquisition Financing"). On September 17, 2024, Bunge completed the sale and issuance of three tranches of unsecured senior notes ("Senior Notes") for an aggregate principal amount of $ 2.0  billion. See Note 17- Debt for further information. As a result of the Senior Notes issuance, and in accordance with its terms, the Acquisition Financing commitment was reduced by $ 2.0  billion with $ 6.0  billion available as of December 31, 2024. Bunge intends to use a portion of the proceeds from the Acquisition Financing and Senior Notes issuance to fund a portion of the cash consideration for Bunge's Acquisition of Viterra and to repay a portion of certain Viterra debt to be assumed in connection with the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes. Also, in the third quarter of 2024, Bunge's wholly-owned subsidiary, Bunge Limited Finance Corp. ("BLFC"), commenced offers (the "US Exchange Offers") to exchange all outstanding notes of certain series issued by Viterra Finance B.V. ("VFBV") and guaranteed by Viterra and Viterra B.V., for up to $ 1.95  billion aggregate principal amount of new notes issued by BLFC and guaranteed by Bunge. In addition, in the third quarter of 2024, Viterra commenced a consent solicitation (the "European Consent Solicitation") to amend the indenture governing VFBV's outstanding 500  million Euro aggregate principal amount of 0.375 % senior unsecured notes due 2025 and outstanding 700  million Euro aggregate principal amount of 1.000 % senior unsecured notes due 2028 to, among other things, substitute the issuer and guarantors of such notes with Bunge Finance Europe B.V. ("BFE"), a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor. The US F-19 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Exchange Offers and European Consent Solicitation are conditioned, among other things, upon the consummation of the Acquisition. See Note 17- Debt for further information. The Acquisition is subject to the satisfaction of regulatory approvals and other customary closing conditions. The Acquisition is expected to receive the remaining regulatory approvals and close in the next few months. The Business Combination Agreement may be terminated by mutual written consent of the parties and includes certain customary termination rights. If the Business Combination Agreement is terminated in connection with certain circumstances relating to the failure to obtain certain antitrust and competition clearances that are conditions to closing, Bunge would be obligated to pay the Sellers a fee of $ 400  million in the aggregate. Additionally, on June 12, 2023, in contemplation of the Business Combination Agreement, Bunge Limited's Board of Directors approved the expansion of an existing share repurchase program resulting in an aggregate purchase authorization of $ 2.0  billion for the repurchase of Bunge's issued and outstanding shares. On November 13, 2024, Bunge Global SA's Board of Directors authorized the repurchase of an additional $ 500  million of its issued and outstanding registered shares. During the period June 13, 2023 through December 31, 2024, Bunge repurchased 17,558,624 shares for $ 1.7 billion. Therefore, as of December 31, 2024, an aggregate purchase authorization of $ 800  million remains outstanding for repurchases under the program. See Note 22- Equity for further details on share repurchases. Espaçogrãos Grain Elevators On November 30, 2023, Bunge entered into purchase and sale agreements with Espaçogrãos to acquire three grain elevators and related assets ("Silos") for total cash consideration of approximately $ 71  million, inclusive of $ 35  million of advance payments expected prior to the close. Advance payments are refundable under certain conditions, including in the event closing does not occur. The Silos are located in the Brazilian cities of Nova Mutum, Matupa and Alta Floresta. In the second quarter of 2024, Bunge closed on the Nova Mutum Silo and the remaining asset acquisitions are expected to close separately per each agreement in the first half of 2025, subject to certain closing conditions. 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. (collectively, "CJ") for a total cash consideration of approximately $ 510 million to be adjusted for net debt, plus an additional sum in consideration for the value of net working capital. Operations of CJ primarily consist of an oilseed processing facility located in Brazil. Bunge expects to finance the transaction through cash from operations and existing financing facilities. The acquisition is expected to close in early 2025, subject to customary closing conditions. Fuji Oils New Orleans, LLC Port Based Refinery On April 14, 2023, Bunge, through its 80 % ownership of Bunge Loders Croklaan joint venture with IOI Corporation Berhad, completed its purchase of Fuji Oils New Orleans, LLC's port-based refinery. The refinery is located in International-Matex Tank Terminals' Avondale Terminal, in Avondale, Louisiana in the United States. Cash consideration for the asset acquisition of $ 181  million was allocated to Property, plant and equipment, net ($ 220  million), inclusive of a finance lease right of use asset ($ 52  million), long-term finance lease obligations ($ 41  million) included in Long-term debt and Current portion of long-term debt, and other net working capital ($ 2  million). F-20 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Dispositions BP Bunge Bioenergia On June 19, 2024, Bunge entered into a definitive share purchase agreement with BP Biofuels Brazil Investment Limited ("BP") to sell its 50 % ownership share in BP Bunge Bioenergia. On October 1, 2024, the transaction closed in accordance with the terms of the share purchase agreement for a total net amount of $ 828  million in consideration inclusive of certain closing adjustments for the value of net working capital and net debt, among other items. As of December 31, 2024, $ 728  million in cash consideration had been received and recorded as a cash inflow within Proceeds from investments in affiliates on the consolidated statement of cash flows. Also, per the terms of the agreement, a $ 100  million deferred payment, received in early 2025 and applied to the consideration of the transaction, has been recorded within Other current assets on the consolidated balance sheet. 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. The disposal group included Investments in affiliates of $ 385  million and a $ 142  million release of Accumulated other comprehensive loss, among other items, reported under the Sugar and Bioenergy segment. 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. Partnership with Repsol - Bunge Iberica SA On March 26, 2024, Bunge entered into a definitive stock purchase agreement with Repsol Industrial Transformation, SLU, a wholly owned subsidiary of Repsol SA, whereby Bunge will divest 40 % of its Spanish operating subsidiary, Bunge Iberica SA ("BISA"), in exchange for approximately $ 300  million plus up to $ 40  million in contingent payments, subject to certain purchase price adjustments. BISA operates three industrial facilities in the Iberian Peninsula. The transaction is expected to close in early 2025, subject to customary closing conditions. Russian Oilseed Processing and Refining Operations Disposition On September 16, 2022, Bunge signed an agreement to sell its remaining Russian operations, primarily comprising an oilseed crushing and refining facility in Voronezh, southwest Russia (referred to as the "disposal group"), to Karen Vanetsyan (the "Buyer"), in exchange for a cash price approximately equal to the book value of the disposal group's net assets. On January 9, 2023, Bunge and the Buyer agreed to a purchase price adjustment. The purchase price adjustment and cumulative translation adjustment losses, among other items related to the disposal group, resulted in a corresponding impairment loss on sale of $ 103  million, recognized in Cost of goods sold for the year ended December 31, 2022. On February 3, 2023, the transaction closed in accordance with the terms of the agreement with no material impact to the consolidated statement of income for the year ended December 31, 2023. In connection with the transaction, Bunge agreed to indemnify the Buyer against certain legal claims involving Bunge's Russian subsidiary. Management has assessed the likelihood of any loss related to claims covered by the indemnity as remote, and recognized a liability in accordance with ASC 460, Guarantees . See Note 20- Commitments and Contingencies for more information. F-21 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group at the closing date. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets included in the disposal group comprised $ 12  million and $ 21  million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. Liabilities included in the disposal group comprised $ 6  million and $ 13  million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. (US$ in millions) Cash and cash equivalents $ 19 Trade accounts receivable (less allowances of zero) 15 Inventories 33 Other current assets 14 Property, plant and equipment, net 24 Goodwill & Other intangible assets, net 10 Other non-current assets 8 Impairment reserve ( 90 ) Total assets $ 33 Trade accounts payable and accrued liabilities $ 3 Other current liabilities 16 Total liabilities $ 19 Mexico Wheat Milling Disposition On October 12, 2021, Bunge entered into an agreement to sell substantially all of its wheat milling business in Mexico in exchange for cash proceeds approximately equal to the book value of property, plant and equipment, net, plus an additional sum in consideration for the value of net working capital to be transferred upon closing. Additionally, cumulative translation adjustments, among other items related to the disposal group, resulted in a corresponding impairment loss on sale of $ 170  million, recognized in Cost of goods sold for the year ended December 31, 2021. The Company also incurred a $ 30  million tax expense in connection with the disposal. On September 14, 2022, the transaction closed in accordance with the terms of the agreement. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Milling segment: (US$ in millions) Trade accounts receivable $ 73 Inventories 187 Other current assets 7 Property, plant and equipment, net 164 Operating lease assets 2 Goodwill & Other intangible assets, net 86 Impairment reserve ( 170 ) Total assets $ 349 Trade accounts payable $ 13 Current operating lease obligations 1 Other current liabilities 5 Total liabilities $ 19 F-22 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
3. TRADE STRUCTURED FINANCE PROGRAM The Company engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which Bunge generally obtains U.S. dollar and foreign currency denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, as well as foreign exchange forward contracts, in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements. 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. As of December 31, 2024, and 2023, time deposits and LCs of $ 6,914 million and $ 6,880 million, respectively, were presented net on the consolidated balance sheets as the criteria of ASC 210-20, Offsetting , had been met. At December 31, 2024, and 2023, time deposits, including those presented on a net basis, carried weighted-average interest rates of 5.22 % and 5.77 %, respectively. During the years ended December 31, 2024, 2023, and 2022, total net proceeds from discounting of LCs were $ 6,799 million, $ 6,730 million, and $ 5,826 million, respectively. These cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows. As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to one year . 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. 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 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. TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM Trade Accounts Receivable Changes to the allowance for expected credit losses related to Trade accounts receivable are as follows: Twelve Months Ended December 31, 2024 Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term Long-term (1) Total Allowance as of January 1, 2024 $ 104   $ 32   $ 136 Current period provisions 50   1   51 Recoveries ( 48 ) ( 2 ) ( 50 ) Write-offs charged against the allowance ( 11 ) ( 2 ) ( 13 ) Foreign exchange translation differences ( 6 ) ( 5 ) ( 11 ) Allowance as of December 31, 2024 $ 89   $ 24   $ 113 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. Twelve Months Ended December 31, 2023 Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term Long-term (1) Total Allowance as of January 1, 2023 $ 90   $ 46   $ 136 Current period provisions 71   —   71 Recoveries ( 57 ) ( 2 ) ( 59 ) Write-offs charged against the allowance ( 2 ) ( 13 ) ( 15 ) Foreign exchange translation differences 2   1   3 Allowance as of December 31, 2023 $ 104   $ 32   $ 136 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. F-23 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Trade Receivables 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"). Koninklijke Bunge B.V., a wholly owned subsidiary of Bunge, acts as master servicer, responsible for servicing and collecting the accounts receivable for the Program. The Program is designed to enhance Bunge’s financial flexibility by providing an additional source of liquidity for its operations. 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 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 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’s current pledge structure results from a November 16, 2022 amendment which replaced the existing deferred purchase price ("DPP") structure. Under the Program's pledge structure, Bunge Securitization B.V. ("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. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s consolidated statements of cash flows. At November 16, 2022, the effective date of the amended Program, $ 741  million of sold receivables were repurchased through a non-cash investing exchange of the DPP. As of December 31, 2024, the Company has collected substantially all of the repurchased receivables. 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. The table below summarizes the cash flows and discounts of Bunge's trade receivables associated with the Program. Servicing fees under the Program were not significant in any period. Years Ended December 31, (US$ in millions) 2024 2023 2022 Gross receivables sold $ 12,490   $ 11,669   $ 17,248 Proceeds received in cash related to transfer of receivables (1) $ 12,442   $ 11,615   $ 16,340 Cash collections from customers on receivables previously sold $ 12,572   $ 11,539   $ 17,450 Discounts related to gross receivables sold included in SG&A $ 48   $ 54   $ 23 (1) Prior to November 16, 2022, the Company recognized these proceeds net of the DPP, consisting of a receivable from the Purchasers that entitled the Company to certain collections on the receivable. The Company recognized the collection of the DPP in net cash provided by investing activities in the consolidated statements of cash flows. As a result of the November 16, 2022 amendment, Bunge reports collections on newly originated, unsold receivables held by BSBV as operating cash flows in the consolidated statements of cash flows. Non-cash activity for the Program in the reporting period is represented by the difference between gross receivables sold and cash collections from customers on receivables previously sold . F-24 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
5. INVENTORIES Inventories by reportable segment and Corporate and Other consist of the following: December 31, (US$ in millions) 2024 2023 Agribusiness $ 5,090   $ 5,830 Refined and Specialty Oils 1,188   1,096 Milling 209   175 Corporate and Other 4   4 Total $ 6,491   $ 7,105 RMI by reportable segment consist of the following: December 31, (US$ in millions) 2024 2023 Agribusiness (1) $ 4,819   $ 5,519 Refined and Specialty Oils 339   302 Milling 66   16 Total $ 5,224   $ 5,837 (1) The Company engages in trading and distribution, or merchandising activities. Included in RMI is $ 3,612 million and $ 4,242 million attributable to merchandising activities at December 31, 2024 and 2023, respectively.
6. OTHER CURRENT ASSETS Other current assets consist of the following: December 31, (US$ in millions) 2024 2023 Unrealized gains on derivative contracts, at fair value $ 1,286   $ 1,481 Prepaid commodity purchase contracts (1) 216   320 Secured advances to suppliers, net (2) 239   462 Recoverable taxes, net 315   378 Margin deposits 579   618 Marketable securities and other short-term investments (3) 484   105 Income taxes receivable 122   54 Prepaid expenses 164   346 Restricted cash 17   21 Disposition receivable (4) 100   — Insurance recovery receivable (5) 52   — Other 434   266 Total $ 4,008   $ 4,051 (1) Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 19- Related Party Transactions . (2) Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers' production costs, primarily to secure the origination of soybeans for Bunge's soybean processing facilities in Brazil. F-25 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The balance includes certain advance payments on contracts with various unconsolidated investees see Note 19- Related Party Transactions . Bunge does not bear any of the costs or operational risks associated with growing the related crops. The ability of Bunge's counterparties to repay these amounts is affected by agricultural economic conditions in the relevant geography, which are in turn affected by commodity prices, currency exchange rates, crop input costs, and crop quality and yields. As a result, the advan ces are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, an d settle when the farmers' crops are harvested and sold. The secured advances to suppliers are reported net of allowances of $ 5 million a nd $ 8 million at December 31, 2024 and 2023, respectively. Bunge periodically evaluates the collectability of its secured advances to suppliers and records allowances if it determines that collection is doubtful. Bunge bases the Company’s determination of the allowance on analyses of the credit quality of individual accounts, also considering the economic and financial condition of the farming industry and other market conditions, as well as the value of any collateral related to amounts owed. Bunge continuously reviews defaulted supplier receivables for impairment on an individual account basis. Bunge considers all accounts in legal collection processes to be defaulted and past due. For such accounts, Bunge determines the allowance for uncollectible amounts based on the fair value of the associated collateral, net of estimated costs to sell. For all renegotiated accounts (current and past due), Bunge considers changes in farm economic conditions and other market conditions, Bunge’s historical experience related to renegotiated accounts, and the fair value of collateral in determining the allowance for doubtful accounts. 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. The following is a summary of amounts recorded in the consolidated balance sheets as marketable securities and other short-term investments. December 31, (US$ in millions) 2024 2023 Foreign government securities $ 229   $ 39 Certificate of deposits/time deposits 136   — Equity securities 21   28 Other 98   38 Total marketable securities and other short-term investments $ 484   $ 105 As of December 31, 2024 and 2023, $ 386 million and $ 67 million, respectively, of marketable securities and other short-term investments are recorded at fair value. All other investments were recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the years ended December 31, 2024, 2023, and 2022, unrealized gains/(losses) of $ 9  million, zero , and $( 140 ) million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at December 31, 2024, 2023, and 2022. (4) On October 1, 2024, Bunge completed the sale of our 50 % ownership share in BP Bunge Bioenergia to BP. In connection with the sale, a disposition receivable of $ 100  million was recorded at December 31, 2024 and collected in early 2025. See Note 2- Acquisitions and Dispositions for further information. (5) In the year ended December 31, 2024, the Company recognized an insurance recovery related to the Ukraine-Russia war of $ 52  million attributable to business interruption. See Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies for further information. F-26 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following: December 31, (US$ in millions) 2024 2023 Land $ 388   $ 399 Buildings 1,970   1,909 Machinery and equipment 5,473   5,262 Furniture, fixtures and other 667   640 Construction in progress 1,533   1,017 Gross book value 10,031   9,227 Less: accumulated depreciation and depletion ( 4,777 ) ( 4,686 ) Property, plant and equipment, net $ 5,254   $ 4,541 Bunge's paid and accrued capital expenditures amounted to $ 1,400 million, $ 1,192 million, and $ 593 million during the years ended December 31, 2024, 2023, and 2022, respectively. Included in these capitalized expenditures was capitalized interest on construction in progress of $ 40 million, $ 19 million, and $ 3 million for the years ended December 31, 2024, 2023, and 2022, respectively. Depreciation and depletion expense was $ 431 million, $ 390 million, and $ 363 million for the years ended December 31, 2024, 2023, and 2022, respectively.
8. GOODWILL Bunge generally performs its annual goodwill impairment analysis during the fourth quarter. If events or indicators of impairment occur between annual impairment analyses, the Company performs an impairment analysis at that date. These events or circumstances could inc lude a significant change in the business climate, legal factors, operating performance indicators, competition, or the sale or disposition of a significant asset. In testing for a potential impairment of goodwill, the Company: (1) validates changes, if any, to its reporting units with goodwill balances; (2) allocates goodwill to its reporting units to which acquired goodwill relates; (3) determines the carrying value, or book value, of its reporting units; (4) estimates the fair value of each reporting unit using a discounted cash flow model and/or using market multiples; (5) compares the fair value of each reporting unit to its carrying value; and (6) if the estimated fair value of a reporting unit is less than the carrying value, the Company recognizes an impairment charge for such amount, not to exceed the total amount of goodwill allocated to that reporting unit. 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 market approach include, but are not limited to, determination of the guideline public companies and selection of the market multiples. F-27 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Changes in the carrying value of goodwill by reportable segment for the years ended December 31, 2024 and 2023 are as follows: (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Bioenergy Total Cost: Balance at December 31, 2023 $ 211   $ 300   $ 89   $ —   $ 600 Additions 2   —   —   —   2 Disposals —   —   —   —   — Foreign currency translation ( 19 ) ( 9 ) ( 13 ) —   ( 41 ) Balance at December 31, 2024 194   291   76   —   561 Accumulated impairment losses: Balance at December 31, 2023 ( 2 ) ( 106 ) ( 3 ) —   ( 111 ) Impairment charge for the period —   —   —   —   — Disposals —   —   —   —   — Foreign currency translation —   3   —   —   3 Balance at December 31, 2024 ( 2 ) ( 103 ) ( 3 ) —   ( 108 ) Net carrying value at December 31, 2024 $ 192   $ 188   $ 73   $ —   $ 453 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Bioenergy Total Cost: Balance at December 31, 2022 $ 203   $ 292   $ 85   $ —   $ 580 Disposals —   —   —   —   — Foreign currency translation 8   8   4   —   20 Balance at December 31, 2023 211   300   89   —   600 Accumulated impairment losses: Balance at December 31, 2022 ( 2 ) ( 105 ) ( 3 ) —   ( 110 ) Impairment charge for the period —   —   —   —   — Disposals —   —   —   —   — Foreign currency translation —   ( 1 ) —   —   ( 1 ) Balance at December 31, 2023 ( 2 ) ( 106 ) ( 3 ) —   ( 111 ) Net carrying value at December 31, 2023 $ 209   $ 194   $ 86   $ —   $ 489 F-28 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
9. OTHER INTANGIBLE ASSETS Other intangible assets, net are all finite-lived and consist of the following: December 31, (US$ in millions) 2024 2023 Gross carrying amount: Trademarks/brands $ 145   $ 156 Licenses 82   102 Port rights 53   68 Customer relationships 288   299 Patents 125   131 Other 36   37 729   793 Accumulated amortization: Trademarks/brands ( 116 ) ( 122 ) Licenses ( 12 ) ( 10 ) Port rights ( 19 ) ( 21 ) Customer relationships ( 145 ) ( 133 ) Patents ( 93 ) ( 86 ) Other ( 23 ) ( 23 ) ( 408 ) ( 395 ) Other intangible assets, net $ 321   $ 398 Amortization expense was $ 37 million, $ 61 million, and $ 41 million for the years ended December 31, 2024, 2023 and 2022, respectively. The estimated future amortization expense is as follows: $ 36 million for 2025; $ 37 million for 2026; $ 36 million for 2027; $ 27 million for 2028; and $ 25 million for 2029. During the year ended December 31, 2023, the Company discontinued its use of several trademarks, primarily consisting of trademarks acquired in Bunge's 2018 acquisition of Loders Croklaan. The discontinuation triggered a reassessment of the trademarks' estimated useful lives resulting in accelerated amortization through December 31, 2023. For the year ended December 31, 2023, accelerated amortization expense of $ 21  million was recorded to SG&A expenses within the Refined and Specialty Oils segment. 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. IMPAIRMENTS For the year ended December 31, 2024, Bunge recorded an impairment charge of $ 19  million in (Loss) income from affiliates associated with one of its equity method investments, see Note 11- Investments in Affiliates and Variable Interest Entities for further details. For the year ended December 31, 2023, Bunge recorded a pre-tax fixed asset impairment charge of $ 37  million in Cost of goods sold associated with a North America facility. The impairment charge was recorded to the Agribusiness segment. Bunge also recorded two impairment charges to Corporate and Other. First, a $ 20  million impairment charge, in Other Income (expense) - net, related to the full impairment of a long-term investment held in Other non-current assets. Second, Bunge recorded an impairment charge of $ 16  million in (Loss) income from affiliates associated with one of its equity method investments, see Note 11- Investments in Affiliates and Variable Interest Entities for further details. F-29 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended December 31, 2022, Bunge recorded a pre-tax impairment charge of $ 103  million, in Cost of goods sold , related to the classification of our Russian operations as held-for-sale (see Note 2- Acquisitions and Dispositions ) as well as $ 2  million related to damaged sustained to the Company's Mykolaiv port facility in Ukraine as a result of the Ukraine-Russia war. The charge was recorded as $ 42  million charge to the Agribusiness segment, $ 52  million charge to the Refined and Specialty Oils segment, and the remaining portion of the impairment charge was recorded to Corporate and Other. Bunge also recorded impairment charges of $ 53  million in (Loss) income from affiliates associated with two of its equity method investments, see Note 11- Investments in Affiliates and Variable Interest Entities for further details. The impairment charge was recorded to Corporate and Other.
11. INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES Bunge participates in various unconsolidated joint ventures and other investments accounted for using the equity method. The Company records its interest in the net earnings of its equity method investees, along with the amortization of basis differences, within (Loss) income from affiliates, in the consolidated statements of income. 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. At December 31, 2023, the aggregate of all basis differences was a credit of $ 56  million, including $ 95  million of amortizable basis difference. The change from the prior year is primarily attributable to the sale of BP Bunge Bioenergia. At December 31, 2024, the remaining aggregate basis differences are primarily associated with equity method investments in South America. Certain significant equity method investments at December 31, 2024 are described below. Bunge allocates equity in earnings of affiliates to its reporting segments. Agribusiness Agricola Alvorada S.A. - Bunge has a 37 % ownership interest in an agribusiness company in Brazil that complements its grain origination business. Agrofel Grãos e Insumos. - Bunge has a 30 % ownership interest in an agricultural inputs reseller in Brazil that complements its soybean origination business. Complejo Agroindustrial Angostura S.A. ("CAIASA") - Bunge has a 33 % ownership interest in an oilseed processing facility joint venture with Louis Dreyfus Company B.V. and Aceitera General Deheza S.A. ("AGD") in Paraguay. CoverCress Inc. - Bunge has a 22 % ownership interest in a company that has developed a novel low carbon-intensity winter oilseed crop called CoverCress™. G3 Global Holding GP Inc. - Bunge has a 25 % ownership interest in G3 Global Holding GP Inc., a joint venture with Saudi Agricultural and Livestock Investment Company ("SALIC") that operates grain facilities in Canada. Hosemillas Holdings S.A ("Hosemillas") - Bunge has a 20 % ownership interest in a Uruguay holding company with operations and subsidiaries located in South America, including Brazil, Paraguay, Argentina, and Uruguay. Operations primarily focus on the processing and marketing of seeds as well as developing technology for genetic improvements of seeds. Navegações Unidas Tapajós S.A. ("Tapajos") - Bunge has a 50 % ownership interest in Tapajos, a joint venture with Amaggi Exportaçao E Importaçao to operate inland waterway transportation between the municipalities of Itaituba and Barcarena, Brazil. The Tapajos complex is mainly dedicated to exporting soybeans and grains from Brazil. ProMaiz S.A. - Bunge has a 50 % ownership interest in a corn wet milling facility joint venture with Aceitera General Deheza S.A. in Argentina for the production of ethanol. Sinova Inovações Agrícolas S.A. ("Sinova") - Bunge has a 33 % ownership interest in a Brazilian distributor of agricultural inputs and originator of grains that complements Bunge's grain origination business. Terminais do Graneis do Guaruja ("TGG") - Bunge has a 57 % ownership interest in TGG, a joint venture with Amaggi International Ltd. to operate a port terminal in Santos, Brazil, for the reception, storage and shipment of solid bulk cargoes. Terminal 6 S.A. and Terminal 6 Industrial S.A. - Bunge has a joint venture, Terminal 6 S.A., in Argentina with AGD for the operation of a port facility located in the Santa Fe province of Argentina. Bunge is also a party to a second joint venture with AGD, Terminal 6 Industrial S.A., which operates a crushing facility located adjacent to the port facility. Bunge owns 40 % and 50 %, respectively, of these joint ventures. F-30 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Vietnam Agribusiness Holdings Ptd. Ltd ("VAH") - Bunge has a 50 % ownership in VAH, with Wilmar International Limited ("Wilmar") owning the remaining 50 %. VAH owns 100 % of the shares of an oilseed processing facility in Vietnam. Sugar and Bioenergy BP Bunge Bioenergia - Bunge had a 50 % ownership interest in BP Bunge Bioenergia, a joint venture with BP. On October 1, 2024, we completed the sale of our 50 % interest in BP Bunge Bioenergia to BP. See Note 2- Acquisitions and Dispositions for further information. Summarized financial information, combined, for all of Bunge's equity method investees is as follows: December 31, (US$ in millions) 2024 2023 Current assets $ 3,007   $ 4,755 Noncurrent assets 2,509   4,345 Total assets $ 5,516   $ 9,100 Current liabilities $ 2,674   $ 3,590 Noncurrent liabilities 1,207   2,344 Total liabilities $ 3,881   $ 5,934 Years ended December 31, (US$ in millions) 2024 2023 2022 Net sales $ 11,520   $ 12,529   $ 11,268 Gross profit 715   907   953 Net income (loss) ( 39 ) 283   312 Pending Transactions Terminal XXXIX De Santos S.A. (“T-39”) - On May 29, 2024, Bunge entered into a share purchase agreement to indirectly acquire a 25 % interest of T-39. The acquisition price for Bunge's 25 % interest is Brazilian reais ("R$") 300  million (approximately $ 48  million). T-39 operations primarily consist of a port facility located in the Port of Santos, Brazil. The transaction is expected to close in early 2025, subject to customary closing conditions. Impairments of Equity Method Investments During the year ended December 31, 2022, the Company recorded total impairments of $ 53  million associated with its equity method and other equity investments in two start-up manufacturers of novel protein ingredients, Merit Functional Foods Corp. ("Merit") and Australian Plant Proteins ("APP"). These impairments were determined through management's review of impairment indicators and consideration of the other-than temporary nature of such items. Impairment charges on both the equity method and other equity investments in Merit and APP were recorded to (Loss) income from affiliates within Corporate and Other. Further, during the year ended December 31, 2023, the Company recorded an additional impairment of $ 16  million associated with APP to (Loss) income from affiliates within Corporate and Other. This impairment was determined through management's review of impairment indicators and consideration of the other-than temporary nature of such items. As a result of the impairments, there is no carrying value associated with the equity method investments in Merit and APP at December 31, 2024. During the year ended December 31, 2024, the Company recorded an impairment of $ 19  million associated with a minority investment in North America. The impairment was determined through management's review of impairment indicators and consideration of the other-than-temporary nature of such items. Impairment charges were recorded to (Loss) income from affiliates within the Agribusiness segment. F-31 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Consolidated Variable Interest Entities On September 19, 2023, Bunge entered into a fixed-priced call option agreement ("Option") to acquire the shares of Terminal de Granéis de Santa Catarina ("TGSC") with primary assets consisting of a grain port terminal currently under construction in South America strategically located near an existing Bunge facility. The agreement required Bunge to make future installment payments for the Option which were utilized, in part, to fund terminal construction. In November 2024, Bunge exercised the Option and expects to close on the acquisition in early 2025, subject to customary closing conditions. TGSC is a VIE, as a result of having insufficient equity at risk. 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. As all of TGSC’s equity is held by a third-party, Bunge reflects all TGSC earnings and equity as attributable to noncontrolling interests in the consolidated statements of income and consolidated balance sheets, respectively. TGSC is not a business as defined by U.S. GAAP. Therefore, the non-cash transaction resulting in initial consolidation of TGSC represented an asset acquisition. Positions recognized in the consolidated balance sheet upon initial consolidation consisted primarily of Other intangible assets, net - license ($ 87  million); Property, plant and equipment, net - construction-in-process ($ 36  million); Long-term debt ($ 35  million); and Noncontrolling interests ($ 91  million). Bunge did not recognize any gain or loss upon initial consolidation of TGSC and no gain or loss is expected as a result of the Option exercise. Bunge will derecognize Noncontrolling interests with any difference between Noncontrolling interests and the Option exercise price recognized in Additional paid-in capital. TGSC's assets can only be used to settle the entity’s own obligations and TGSC’s creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with TGSC at any given time. On May 1, 2022, Bunge completed a transaction with Chevron to create a joint venture, Bunge Chevron Ag Renewables LLC ("BCAR"), leveraging Bunge’s expertise in oilseed processing and farmer relationships, and Chevron’s expertise in fuels manufacturing and marketing, to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks. 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. BCAR's assets can only be used to settle BCAR’s own obligations and BCAR's creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with BCAR at any given time. 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. F-32 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such, these VIEs have been excluded from the below table. (US$ in millions) December 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 534   $ 606 Trade accounts receivable 2   1 Inventories 54   76 Other current assets 35   146 Total current assets 625   829 Property, plant and equipment, net 455   196 Other intangible assets, net 69   91 Total assets $ 1,149   $ 1,116 Current liabilities: Trade accounts payable and accrued liabilities $ 80   $ 70 Other current liabilities 34   143 Total current liabilities 114   213 Long-term debt 50   44 Other non-current liabilities 10   5 Total liabilities $ 174   $ 262 Non-Consolidated Variable Interest Entities Bunge holds investment interests in various entities, as described above, that are included in Investments in affiliates and Other non-current assets in the consolidated balance sheets. Certain of these investments, which are primarily reported in Bunge's Agribusiness segment and Corporate and Other, have been determined to be variable interest entities for which Bunge has determined it is not the primary beneficiary. Accordingly, these investments are not consolidated by Bunge. Bunge's exposure to loss related to these unconsolidated investments is $ 740  million and $ 589  million, respectively, as of December 31, 2024 and 2023. Bunge's exposure to loss primarily comprises Bunge's investments balance, third party guarantees, prepayments, long term loans, and certain future commitments assuming full loss of the investment balance and full payment of the guarantees regardless of the probability of such losses actually being incurred in accordance with US GAAP disclosure rules. See Note 20- Commitments and Contingencies . F-33 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
12. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following: December 31, (US$ in millions) 2024 2023 Recoverable taxes, net (1) $ 19   $ 25 Judicial deposits (1) 86   120 Other long-term receivables, net (2) 14   16 Income taxes receivable (1) 125   136 Long-term investments (3) 174   142 Affiliate loans receivable 8   8 Long-term receivables from farmers in Brazil, net (1) 23   43 Unrealized gains on derivative contracts, at fair value —   1 Other 108   124 Total $ 557   $ 615 (1) A significant portion of these non-current assets arise primarily from Bunge's Brazilian operations and their realization could take several years. (2) Net of allowances as described in Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program . (3) As of December 31, 2024 and 2023, $ 14  million and $ 12  million, respectively, of long-term investments were recorded at fair value. 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. These funds are held in judicial escrow related to certain legal proceedings pending resolution and bear interest at the Selic rate, which is the benchmark rate of the Brazilian central bank. Income taxes receivable —Income taxes receivable include overpayments of current income taxes plus accrued interest. 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. Affiliate loans receivable —Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with remaining maturities of greater than one year . Long-term receivables from farmers in Brazil, net —Bunge provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year's crop, and through credit sales of fertilizer to farmers. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 19- Related Party Transactions . Certain such long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity purchase contracts or secured advances to suppliers (see Note 6- Other Current Assets ) or Other non-current assets according to their maturity. Advances initially recorded in Other current assets are reclassified to Other non-current assets if collection issues arise and amounts become past due with resolution of such matters expected to take more than one year. F-34 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The average recorded investment in long-term receivables from farmers in Brazil for the years ended December 31, 2024 and 2023 was $ 67 million and $ 88 million, respectively. The table below summarizes Bunge's recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts. December 31, 2024 December 31, 2023 (US$ in millions) Recorded Investment Allowance Recorded Investment Allowance For which an allowance has been provided: Legal collection process (1) $ 28   $ 26   $ 30   $ 30 Renegotiated amounts 3   1   2   1 For which no allowance has been provided: Legal collection process (1) 6   —   19   — Renegotiated amounts (2) 1   —   5   — Other long-term receivables (3) 12   —   18   — Total $ 50   $ 27   $ 74   $ 31 (1) All amounts in legal process are considered past due upon initiation of legal action. (2) These renegotiated amounts are current on repayment terms. (3) New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Other non-current assets to Other current assets in later periods depending on the expected date of their realization. The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil. Year Ended December 31, (US$ in millions) 2024 2023 Allowance as of January 1 $ 31   $ 36 Bad debt provisions 3   2 Recoveries ( 1 ) ( 5 ) Write-offs —   ( 6 ) Transfers 1   1 Foreign currency translation ( 7 ) 3 Allowance as of December 31 $ 27   $ 31
13. OTHER CURRENT LIABILITIES Other current liabilities consist of the following: December 31, (US$ in millions) 2024 2023 Unrealized losses on derivative contracts at fair value $ 1,082   $ 1,038 Accrued liabilities 840   865 Advances on sales (1) 501   463 Dividends payable (2) 91   96 Income tax payable 80   238 Other 234   213 Total $ 2,828   $ 2,913 F-35 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) (1) The Company records advances on sales when cash payments are received in advance of the Company's performance and recognizes revenue once the related performance obligation is completed. Advances on sales are impacted by the seasonality of Bunge's business, including the timing of harvests in the northern and southern hemispheres, and amounts at each balance sheet date will generally be recognized in earnings within twelve months or less. (2) See Note 22- Equity .
14. INCOME TAXES Bunge operates globally and is subject to the tax laws and regulations of numerous tax jurisdictions and authorities as well as tax agreements and treaties among these jurisdictions. Bunge's income tax provision is impacted by, among other factors, changes in tax laws, regulations, agreements and treaties, currency exchange rates and Bunge's profitability in each tax jurisdiction. Bunge has elected to use the U.S. federal income tax rate to reconcile the actual provision for income taxes. The components of Income before income tax are as follows: Year Ended December 31, (US$ in millions) 2024 2023 2022 United States $ 442   $ 1,180   $ 1,036 Non-United States 1,082   1,871   1,030 Total $ 1,524   $ 3,051   $ 2,066 The components of the Income tax expense are as follows: Year Ended December 31, (US$ in millions) 2024 2023 2022 Current: United States $ 107   $ 218   $ 217 Non-United States 239   497   290 346   715   507 Deferred: United States 18   46   29 Non-United States ( 28 ) ( 47 ) ( 148 ) ( 10 ) ( 1 ) ( 119 ) Total $ 336   $ 714   $ 388 F-36 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Reconciliation of Income tax expense if computed at the U.S. federal income tax rate to Bunge's reported Income tax expense is as follows: Year Ended December 31, (US$ in millions) 2024 2023 2022 Income before income tax $ 1,524 $ 3,051 $ 2,066 Income tax rate 21 % 21 % 21 % Income tax expense at the U.S. 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. (2) During 2023, Bunge was granted tax credits in Switzerland that expire through 2032, and recorded a net benefit for the amount that Bunge believes is more likely than not to be realized prior to expiration. F-37 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The primary components of the deferred tax assets and liabilities and the related valuation allowances are as follows: December 31, (US$ in millions) 2024 2023 Deferred income tax assets: Net operating loss carryforwards $ 548   $ 655 Operating lease obligations 124   140 Employee benefits 58   47 Tax credit carryforwards 410   454 Interest deduction carryforwards 119   72 Inventories —   19 Accrued expenses and other 140   166 Total deferred tax assets 1,399   1,553 Less valuation allowances ( 595 ) ( 590 ) Deferred tax assets, net of valuation allowance 804   963 Deferred income tax liabilities: Property, plant and equipment 317   323 Inventories 1   — Operating lease assets 123   143 Undistributed earnings of affiliates —   12 Investments 18   12 Intangibles 79   100 Total deferred tax liabilities 538   590 Net deferred tax assets $ 266   $ 373 As of December 31, 2024, Bunge has determined it has unremitted earnings that are considered to be indefinitely reinvested of approximately $ 2 billion, and accordingly, no provision for income taxes has been made. If these earnings were distributed in the form of dividends or otherwise, Bunge would be subject to income taxes in the form of withholding taxes to the recipient for an amount of approximately $ 100 million. 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, 2023, Bunge's pre-tax loss carryforwards totaled $ 2.3  billion, of which $ 2.1  billion have no expiration, including loss carryforwards of $ 1.3  billion in Brazil. The decrease in pre-tax loss carryforwards from 2023 to 2024 is primarily attributable to cumulative translation adjustments in Brazil and certain other jurisdictions. The remaining tax loss carryforwards expire at various period through the year 2044. At December 31, 2024, Bunge’s tax credit carryforwards totaled $ 410  million, of which $ 148  million expire in 2029, $ 249  million expire in 2032, while the remainder is split between a portion expiring within a ten year period and a portion that has no expiration. At December 31, 2023, Bunge's tax credit carryforwards totaled $ 454  million. Income Tax Valuation Allowances —Bunge records valuation allowances when current evidence does not suggest that some portion or all of its deferred tax assets will be realized. The ultimate realization of deferred tax assets depends primarily on Bunge's ability to generate sufficient timely future income of the appropriate character in the appropriate taxing jurisdiction. As of December 31, 2024 and 2023, Bunge has recorded valuation allowances of $ 595 million and $ 590  million, respectively. The net increase of $ 5 million is primarily attributable to current year losses and interest limitations, offset by currency movement in certain jurisdictions. F-38 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Unrecognized Tax Benefits —ASC 740, Income Taxes ("ASC 740") requires applying a "more likely than not" threshold to the recognition and de-recognition of tax benefits. Accordingly, Bunge recognizes the amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement. At December 31, 2024 and 2023, respectively, Bunge had recorded unrecognized tax benefits of $ 75 million and $ 68  million in Other non-current liabilities in the consolidated balance sheets. 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. At December 31, 2024 and 2023, respectively, Bunge had recorded accrued interest and penalties of $ 11 million and $ 10  million in Other non-current liabilities in the consolidated balance sheets. A reconciliation of the beginning and ending amounts of unrecognized tax benefits follows: (US$ in millions) 2024 2023 2022 Balance at January 1, $ 121   $ 298   $ 329 Additions based on tax positions related to the current year 9   13   20 Additions based on tax positions related to prior years 10   12   2 Reductions for tax positions of prior years (1) ( 2 ) ( 206 ) ( 27 ) Settlements with tax authorities ( 2 ) —   ( 9 ) Expiration of statute of limitations ( 4 ) ( 5 ) ( 1 ) Foreign currency translation ( 5 ) 9   ( 16 ) Balance at December 31, $ 127   $ 121   $ 298 (1) The year ended December 31, 2023 included a reduction of the tax position in Spain resulting from the conclusion of an appeals process. This decrease had no impact on the consolidated statement of income or the consolidated balance sheet as the position was not previously recognized under ASC 740. Bunge believes that it is reasonably possible that approximately $ 20 million of its unrecognized tax benefits may be recognized by the end of 2025 as a result of a lapse of the statute of limitations. Bunge, through its subsidiaries, files income tax returns in the United States (federal and various states) and non-United States regions. 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. Bunge has recorded unrecognized tax benefits related to these assessments of R$ 13 million (approximately $ 2 million) as of December 31, 2024. Management, in consultation with external legal advisors, believes that it is more likely than not that Bunge will prevail on the proposed assessments (with the exception of unrecognized tax benefits discussed above) in Brazil and is vigorously defending its position against these assessments. Bunge made cash income tax payments, net of refunds received, of $ 520  million, $ 655 million and $ 570 million during the years ended December 31, 2024, 2023, and 2022, respectively. In October 2021, the Organization for Economic Co-operations and Development (the "OECD") released an outline that described the conceptual agreement among 138 countries on fundamental reforms to international tax rules. The outline provides for two primary "Pillars", however, based on Bunge's current understanding of the proposals, only Pillar Two, which provides for a global minimum corporate tax rate of 15%, impacts Bunge. The reforms were contingent upon the independent actions of participating countries to enact law changes. As a result of the enactment of the Pillar Two rules by both the Netherlands and Switzerland, Bunge became subject to the global minimum tax effective January 1, 2024. The impact of the global minimum tax rules in 2024 was immaterial and is expected to be immaterial in 2025 as well. F-39 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
15. FAIR VALUE MEASUREMENTS Bunge's various financial instruments include certain components of working capital such as Trade accounts receivable and Trade accounts payable. Additionally, Bunge uses short- and long-term debt to fund operating requirements. Trade accounts receivable, Trade accounts payable and Short-term debt are generally stated at their carrying value, which is a reasonable estimate of fair value. See Note 3- Trade Structured Finance Program for trade structured finance program, Note 12- Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, Note 17- Debt for short- and long-term debt, and Note 18- Employee Benefit Plans for employee benefit plans. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value. For a definition of fair value and the associated fair value levels, refer to Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies. The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis. Fair Value Measurements at Reporting Date December 31, 2024 December 31, 2023 (US$ in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 86   $ 42   $ —   $ 128   $ 315   $ 149   $ —   $ 464 Readily marketable inventories ( Note 5 ) —   4,805   419   5,224   —   5,175   662   5,837 Trade accounts receivable (1) —   —   —   —   —   1   —   1 Unrealized gain on derivative contracts (2) : Interest rate —   15   —   15   —   12   —   12 Foreign exchange —   422   —   422   —   253   —   253 Commodities 82   549   134   765   198   737   88   1,023 Freight 40   —   —   40   80   —   —   80 Energy 42   —   —   42   114   —   —   114 Credit —   2   —   2   —   —   —   — Other (3) 325   75   —   400   40   39   —   79 Total assets $ 575   $ 5,910   $ 553   $ 7,038   $ 747   $ 6,366   $ 750   $ 7,863 Liabilities: Trade accounts payable (1) $ —   $ 326   $ 62   $ 388   $ —   $ 591   $ 232   $ 823 Unrealized loss on derivative contracts (4) : Interest rate —   258   —   258   1   273   —   274 Foreign exchange —   494   —   494   —   223   —   223 Commodities 71   309   104   484   166   417   17   600 Freight 38   —   —   38   68   —   —   68 Energy 38   —   —   38   132   1   —   133 Credit —   2   —   2   —   —   —   — Total liabilities $ 147   $ 1,389   $ 166   $ 1,702   $ 367   $ 1,505   $ 249   $ 2,121 (1) These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business. (2) Unrealized gains on derivative contracts are generally included i n Other current assets. There were zero and $ 1 million included in Other non-current assets at December 31, 2024 and 2023, respectively. (3) Other includes the fair values of marketable securities and investments in Other current assets and Other non-current assets. F-40 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) (4) Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $ 232 million and $ 260 million included in Other non-current liabilities at December 31, 2024 and 2023, respectively. Cash equivalents —Cash equivalents primarily includes money market funds and commercial paper investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Cash equivalents with liquid prices are valued using prices from publicly available sources and classified as Level 1. Cash equivalents with less liquid prices are valued using third-party quotes or pricing models and classified as Level 2. Readily marketable inventories —RMI reported at fair value are valued based on commodity futures exchan ge quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Company's inventories are located. In such cases, the inventory is classified within Level 2. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In such cases, the inventory is classified as Level 3. If the Company used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the consolidated balance sheets and consolidated statements of income could differ. Additionally, if market conditions change subsequent to the reporting date, amounts reported in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the consolidated balance sheets and consolidated statements of income could differ. Derivatives —The majority of exchange traded futures and options contracts and exchange cleared contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. The majority of the Company’s exchange-traded agricultural commodity futures are cash-settled daily and, therefore, are not included in these tables. The Company's forward commodity purchase and sales contracts are classified as derivatives along with other OTC derivative instruments relating primarily to freight, energy, foreign exchange and interest rates and are classified within Level 2 or Level 3, as described below. The Company estimates fair values based on exchange quoted prices, adjusted as appropriate for differences in local markets. These differences are generally valued using inputs from broker or dealer quotations or market transactions in either the listed or OTC markets. In such cases, these derivative contracts are classified within Level 2. OTC derivative contracts include swaps, options, and structured transactions that are generally fair valued using quantitative models that require the use of multiple market inputs including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not highly active, other observable inputs relevant to the asset or liability, and market inputs corroborated by correlation or other means. These valuation models include inputs such as interest rates, prices, and indices to generate continuous yield or pricing curves and volatility factors. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives trade in less active markets with less availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in or corroborated by the market. Marketable securities and investments —Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Marketable securities and investments with liquid prices are valued using prices from publicly available sources and classified as Level 1. Marketable securities and investments with less-liquid prices are valued using third-party quotes or internally developed models and classified as Level 2 or Level 3 as described below. Level 3 Measurements The following relates to assets and liabilities measured at fair value on a recurring basis using Level 3 measurements. An instrument may transfer into or out of Level 3 due to inputs becoming either observable or unobservable. Level 3 Measurements —Transfers in and/or out of Level 3 represent existing assets or liabilities that were either previously categorized as a higher level for which the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 for which the lowest significant input became observable during the period. Bunge's policy regarding the timing of transfers between levels is to record the transfers at the end of the reporting period. Level 3 Readily marketable inventories and Trade accounts payable —The significant unobservable inputs resulting in Level 3 classification for RMI, physically settled forward purchase and sales contracts, and Trade accounts payable relate to certain management estimations regarding costs of transportation and other local market or location-related adjustments, primarily freight related adjustments in the interior of Brazil and the lack of market corroborated information in Canada. In both situations, the Company uses proprietary information such as purchase and sales contracts and contracted prices to value F-41 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) freight, premiums and discounts in its contracts. Movements in the price of these unobservable inputs alone would not be expected to have a material effect on the Company's financial statements as these contracts do not typically exceed one future crop cycle. Level 3 Derivatives —Level 3 derivative instrument fair value measurements utilizes both market observable and unobservable inputs. These inputs include commodity prices, price volatility, interest rates, volumes, and locations. Level 3 Others —Primarily relates to marketable securities and investments valued using third-party quotes or pricing models with inputs based on similar securities adjusted to reflect management’s best estimate of the specific characteristics of the securities held by the Company. Such inputs represent a significant component of the fair value of the securities held by the Company, resulting in the securities being classified as Level 3. The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2024 and 2023. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. 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. (2) Effective January 1, 2024, the Company changed its reporting of purchases and sales activity within the readily marketable inventories Level 3 reconciliation to align with the Company's value chain trade flows and intended use, which had no net impact on Level 3 readily marketable inventories period end balances. Prior period activity has been reclassified to conform to current presentation. F-42 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Year Ended December 31, 2023 (US$ in millions) Readily Marketable Inventories (2) Derivatives, Net Trade Accounts Payable Other (3) Total Balance, January 1, 2023 $ 412   $ 51   $ ( 130 ) $ 27   $ 360 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 988   ( 18 ) 32   —   1,002 Total gains and losses (realized/unrealized) included in Other income (expense) - net —  —  —  ( 1 ) ( 1 ) Purchases 3,668   —   ( 473 ) —   3,195 Sales ( 3,332 ) —   —   ( 14 ) ( 3,346 ) Settlements —   —   426   —   426 Transfers into Level 3 2,065   48   ( 113 ) —   2,000 Transfers out of Level 3 ( 3,192 ) ( 10 ) 50   ( 12 ) ( 3,164 ) Translation Adjustment 53   —   ( 24 ) —   29 Balance, December 31, 2023 $ 662   $ 71   $ ( 232 ) $ —   $ 501 (1) Readily marketable inventories, derivatives, net, and trade accounts payable , includes gains/(losses) of $ 978 million, $( 30 ) million, and $ 32 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2023. (2) Effective January 1, 2024, the Company changed its reporting of purchases and sales activity within the readily marketable inventories Level 3 reconciliation to align with the Company's value chain trade flows and intended use, which had no net impact on Level 3 readily marketable inventories period end balances. Prior period activity has been reclassified to conform to current presentation. (3) Comprises the fair values of marketable securities and investments in Other current assets. Certain inputs to the valuation of these securities became observable during the year ended December 31, 2023, resulting in the remaining balance being transferred out of Level 3.
16. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative instruments to manage several market risks, such as interest rate, foreign currency rate, and commodity risk. Some of the hedges the Company enters into qualify for hedge accounting ("Hedge Accounting Derivatives") and some, while intended as economic hedges, do not qualify or are not designated for hedge accounting ("Economic Hedge Derivatives"). As these derivatives impact the financial statements in different ways, they are discussed separately below. Hedge Accounting Derivatives - The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate, foreign currency, and commodity risks. In executing these hedge strategies, the Company primarily relies on the shortcut and critical terms match methods in designing its hedge accounting strategy, which results in little to no net earnings impact for these hedge relationships. The Company monitors these relationships on a quarterly basis and performs a quantitative analysis to validate the assertion that the hedges are highly effective if there are changes to the hedged item or hedging derivative. Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. 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. For cross currency swaps, the changes in currency risk on the derivative are recognized in Foreign exchange gains (losses) - net, and the changes in interest rate risk are recognized in Interest expense. Changes in basis risk are held in Accumulated other comprehensive loss until realized through the coupon. F-43 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, and selling, general and administrative expenses with currency forwards. The change in the value of the forward is classified in Accumulated other comprehensive loss until the transaction affects earnings, at which time the change in value of the currency forward is reclassified to Net sales, Cost of goods sold, or Selling, general and administrative expenses. These hedges mature at various times through December 2025. Of the amount currently in Accumulated other comprehensive loss, $ 8  million of deferred losses is expected to be reclassified to earnings in the next twelve months. Net investment hedges - The Company hedges the currency risk of certain of its foreign subsidiaries with currency forwards for which the currency risk is remeasured through Accumulated other comprehensive loss. For currency forwards, the forward method is used. The change in the value of the forward is classified in Accumulated other comprehensive loss until the transaction affects earnings by way of either sale or substantial liquidation of the foreign subsidiary. The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. The notional amount of the derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis. (US$ in millions) December 31, 2024 December 31, 2023 Unit of Measure Hedging instrument type: Fair value hedges of interest rate risk Interest rate swap - notional amount $ 4,900   $ 2,900   $ Notional Cumulative adjustment to long-term debt from active application of hedge accounting $ ( 246 ) $ ( 260 ) $ Notional Carrying value of hedged debt $ 4,600   $ 2,625   $ Notional Cash flow hedges of currency risk Foreign currency forward - notional amount $ —   $ 54   $ Notional Foreign currency option - notional amount $ 120   $ 99   $ Notional Net investment hedges Foreign currency forward - notional amount $ 550   $ 1,112   $ Notional Economic Hedge Derivatives - In addition to using derivatives in qualifying hedge relationships, the Company enters into derivatives to economically hedge its exposure to a variety of market risks it incurs in the normal course of operations. Interest rate derivatives are used to hedge exposures to the Company's financial instrument portfolios and debt issuances. The impact of changes in fair value of these instruments is primarily presented in Interest expense. Currency derivatives are used to hedge the balance sheet and commercial exposures that arise from the Company's global operations. The impact of changes in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange gains (losses) - net when hedging monetary exposures. Agricultural commodity derivatives are used primarily to manage exposures related to the Company's inventory and forward purchase and sales contracts. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle. The impact of changes in fair value of these instruments is presented in Cost of goods sold. 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. Hedges may be entered into for natural gas, electricity, coal and fuel oil, including bunker fuel. The impact of changes in fair value of these F-44 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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 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 table below summarizes the volume of economic derivatives as of December 31, 2024 and December 31, 2023. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided. December 31, December 31, 2024 2023 Unit of Measure (US$ in millions) Long (Short) Long (Short) Interest rate Swaps $ 234   $ ( 1,420 ) $ 935   $ ( 1,465 ) $ Notional Futures $ —   $ ( 69 ) $ —   $ ( 612 ) $ Notional Forwards $ —   $ —   $ 416   $ ( 416 ) $ Notional Options $ —   $ —   $ —   $ ( 3 ) $ Notional Currency Forwards $ 8,439   $ ( 8,961 ) $ 8,808   $ ( 10,356 ) $ Notional Swaps $ 3,566   $ ( 2,105 ) $ 1,357   $ ( 324 ) $ Notional Futures $ —   $ ( 15 ) $ —   $ ( 2 ) $ Notional Options $ 107   $ ( 60 ) $ 5   $ ( 5 ) Delta Agricultural commodities Forwards 25,166,668   ( 35,384,917 ) 25,588,125   ( 34,163,143 ) Metric Tons Futures —   ( 3,699,452 ) —   ( 1,224,688 ) Metric Tons Options 11,835   ( 116,481 ) 29,420   ( 615,937 ) Metric Tons Ocean freight FFA —   ( 7,484 ) —   ( 4,965 ) Hire Days Natural gas Forwards —   —   300   —   MMBtus Swaps 1,114,929   —   778,436   —   MMBtus Futures 7,058,632   —   12,715,588   —   MMBtus Options —   —   —   ( 2,923,438 ) MMBtus Electricity Futures 123,565   —   —   ( 281,511 ) Mwh Energy - other Swaps 339,947   —   202,716   —   Metric Tons Options —   —   40,920   —   Metric Tons Energy - CO2 Futures 418,000   —   675,000   —   Metric Tons Options —   —   400,000   —   Metric Tons Other Swaps and futures $ 90   $ ( 90 ) $ 100   $ ( 106 ) $ Notional F-45 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The Effect of Derivative Instruments and Hedge Accounting on the Consolidated Statements of Income The tables below summarize the net effect of derivative instruments and hedge accounting on the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022. Gain (Loss) Recognized in Income on Derivative Instruments Year Ended December 31, (US$ in millions) 2024 2023 2022 Income statement classification Type of derivative Net sales Hedge accounting Foreign currency $ ( 4 ) $ 8   $ 7 Cost of goods sold Hedge accounting Foreign currency —   1   5 Economic hedges Foreign currency ( 332 ) 437   396 Commodities 281   462   ( 751 ) Other (1) ( 42 ) 60   82 Total Cost of goods sold   $ ( 93 ) $ 960   $ ( 268 ) Selling, general & administrative Hedge accounting Foreign currency $ —   $ 1   $ ( 2 ) Interest expense Hedge accounting Interest rate $ ( 118 ) $ ( 134 ) $ ( 33 ) Economic hedges Interest rate —   6   — Total Interest expense   $ ( 118 ) $ ( 128 ) $ ( 33 ) Foreign exchange gains (losses) - net Hedge accounting Foreign currency $ —   $ ( 27 ) $ ( 30 ) Economic hedges Foreign currency ( 7 ) 28   115 Total Foreign exchange gains (losses) - net $ ( 7 ) $ 1   $ 85 Other income (expense) - net Economic hedges Interest rate $ —   $ 1   $ 2 Other comprehensive (loss) income Gains and losses on derivatives used as fair value hedges of foreign currency risk included in other comprehensive income during the period $ —   $ 3   $ 1 Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive (loss) income during the period $ ( 22 ) $ ( 3 ) $ 57 Gains and losses on derivatives used as net investment hedges included in other comprehensive income (loss) during the period $ 149   $ ( 99 ) $ ( 139 ) Amounts released from Accumulated other comprehensive loss during the period Cash flow hedge of foreign currency risk - loss/(gain) $ 9   $ ( 3 ) $ ( 8 ) (1) Other includes the results from freight, energy, and other derivatives. F-46 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
17. DEBT The following table summarizes Bunge's short and long-term debt: December 31, (US$ in millions) 2024 2023 Short-term debt and Current portion of long-term debt: Revolving credit facilities $ —   $ — Commercial paper program (1) —   — Other short-term debt 875   797 Total Short-term debt 875   797 Current portion of long-term debt 669   5 Total Short-term debt and Current portion of long-term debt (3) 1,544   802 Long-term debt: (2) Term loan due 2025 - SOFR plus 0.90 % (4) —   750 Term loan due 2027 - SOFR plus 1.125 % 250   250 Term loan due 2028 - SOFR plus 1.325 % 250   249 1.63 % Senior Notes due 2025 599   598 3.25 % Senior Notes due 2026 699   698 3.75 % Senior Notes due 2027 598   597 4.10 % Senior Notes due 2028 (5) 397   — 4.20 % Senior Notes due 2029 (5) 793   — 2.75 % Senior Notes due 2031 993   991 4.65 % Senior Notes due 2034 (5) 790   — Cumulative adjustment to long-term debt from application of hedge accounting ( 269 ) ( 260 ) Other long-term debt 263   212 Subtotal (6) 5,363   4,085 Less: Current portion of long-term debt ( 669 ) ( 5 ) Total Long-term debt (7) 4,694   4,080 Total debt $ 6,238   $ 4,882 (1) On April 12, 2024, Bunge increased the aggregate size of its existing commercial paper program by $ 1  billion to an aggregate of $ 2  billion. (2) Variable interest rates are as of December 31, 2024. (3) Includes secured debt of $ 187  million and $ 200  million at December 31, 2024 and 2023, respectively. (4) On September 30, 2024, Bunge prepaid and terminated its 3-year term loan agreement due in 2025. (5) See Viterra Acquisition Financing section within Note 17- Debt below for further details . (6) The fair value (Level 2) of long-term debt, including current portion, is $ 5,373  million and $ 4,125  million at December 31, 2024, and 2023, respectively. The fair value of Bunge's long-term debt is calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. (7) Includes secured debt of $ 131 million and $ 100  million at December 31, 2024 and 2023, respectively. Prior to June 21, 2023, Bunge conducted most of its third-party financing activities through a centralized financing structure that included a master trust (the "Bunge Master Trust"). On June 21, 2023, Bunge terminated the Bunge Master Trust in accordance with a termination and lien release agreement in order to simplify the legal framework around its capital structure. Post termination of the Bunge Master Trust, Bunge continues to conduct most of its third-party financing activities centrally through 100% owned finance subsidiaries which carry full, unconditional guarantees of the parent company. In connection with the termination of the Bunge Master Trust, Bunge amended its existing credit agreements and related F-47 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) guarantees to remove all references and provisions related to the Bunge Master Trust, as well as made amendments to certain credit facilities. Short-term Debt Bunge's short-term borrowings are typically sourced from various banking institutions and the U.S. commercial paper market. Bunge also borrows from time to time in local currencies in various foreign jurisdictions. Interest expense includes facility commitment fees, amortization of deferred financing costs, the impact of designated interest rate hedges, and charges on certain lending transactions. The weighted-average interest rate on short-term borrowings at December 31, 2024 and 2023 was 6.22 % and 8.36 %, respectively. Revolving Credit Facilities On March 1, 2024, Bunge entered into an unsecured $ 3.2  billion 5 -year revolving credit agreement (the "$ 3.2 Billion Revolving Credit Agreement") with a group of lenders, maturing on March 1, 2029. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations by an aggregate amount up to $ 1.5  billion, pursuant to an accordion provision. Current commitments in the aggregate amount of $ 1.95  billion are available to be drawn. Incremental commitments in the aggregate amount of $ 1.25  billion are available to be drawn on and after the date Bunge completes its acquisition of Viterra, subject to the satisfaction of certain conditions. Therefore, upon completion of the acquisition of Viterra, the total committed capacity will be an aggregate of $ 3.2  billion. The $ 3.2 Billion Revolving Credit Agreement replaced an existing $ 1.95  billion 5-year revolving credit agreement which was terminated on March 1, 2024. Borrowings bear interest at SOFR plus a SOFR adjustment and applicable margin as defined in the $ 3.2 Billion Revolving Credit Agreement. Bunge had no borrowings outstanding at December 31, 2024, and 2023, under the $ 3.2 Billion Revolving Credit Agreement and the predecessor agreement, respectively. On March 1, 2024, Bunge exercised the accordion provision set forth in its existing unsecured $ 1.75  billion 3 -year revolving facility agreement (as amended, the "$ 3.5 Billion Revolving Facility Agreement") in an aggregate amount of additional committed capacity of $ 1.75  billion which is available to be drawn on and after the date Bunge completes its acquisition of Viterra. Upon completion of the acquisition of Viterra, the total committed capacity will be an aggregate of $ 3.5  billion. The funding cost is also subject to certain premiums or discounts tied to certain sustainability criteria, including, but not limited to, SBTs that define Bunge’s climate goals within its operations and a commitment to a deforestation-free supply chain in 2025. The $ 3.5 Billion Revolving Credit Agreement matures on October 6, 2026. Borrowings under the $ 3.5 Billion Revolving Credit Agreement bear interest at SOFR plus a SOFR adjustment, which will vary from 0.05 % to 0.25 % based on the tenor of the interest period selected, plus a margin, which will vary from 0.25 % to 0.90 %, based on the senior long-term unsecured debt rating provided by Moody’s Investors Services Inc. ("Moody’s") and S&P Global Ratings ("S&P"). Bunge had no borrowings outstanding at December 31, 2024, and 2023, under the $ 3.5 Billion Revolving Facility Agreement and the predecessor agreement, respectively. Further, on April 12, 2024, Bunge amended and restated its existing $ 1.1  billion 364 -day revolving credit agreement (the "$ 1.1 Billion 364 -day Revolving Credit Agreement") with a group of lenders, to extend the maturity date from June 19, 2024 to April 11, 2025. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations under the $ 1.1 Billion 364 -day Revolving Credit Agreement by an aggregate amount up to $ 250  million, pursuant to an accordion provision. Borrowings will bear interest at SOFR plus a SOFR adjustment and applicable margin as defined in the $ 1.1 Billion 364 -day Revolving Credit Agreement. Bunge had no borrowings outstanding at December 31, 2024, and 2023, under the $ 1.1 Billion 364 -day Revolving Credit Agreement and the predecessor agreement, respectively. Bunge had no borrowings outstanding at December 31, 2024, and 2023, under the unsecured $ 865 million Revolving Credit Facility (the "$ 865 Million 2026 Facility") with a group of lenders, set to mature on October 29, 2026. Borrowings will bear interest at SOFR plus a credit spread adjustment and applicable margin, as defined in the $ 865  Million 2026 Facility. Borrowings under the committed revolving credit facilities described above 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. At December 31, 2024 and 2023, Bunge had $ 5,665  million, unused and available committed borrowing capacity comprising committed revolving credit facilities with a number of financial institutions. F-48 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Commercial Paper Program On April 12, 2024, Bunge increased the aggregate size of its existing commercial paper program by $ 1  billion to an aggregate of $ 2  billion (the "$ 2 Billion Commercial Paper Program"). The $ 2 Billion Commercial Paper Program has no maturity date. 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. 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. Loans under such credit lines are non-callable by the respective lenders. 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. The original maturity of borrowings under uncommitted bilateral credit lines and local bank lines of credit varies based upon the Company's financing objectives. As a result, proceeds and repayments of such credit lines may be presented on a net basis, or separately, in the consolidated statements of cash flows as dictated by the borrowing's original maturity. Viterra Acquisition Financing As described in Note 2- Acquisitions and Dispositions , Bunge secured a total of $ 8.0  billion in Acquisition Financing in the form of a $ 7.7  billion financing commitment from a consortium of lenders, arranged by Sumitomo Mitsui Banking Corporation and a $ 300  million 5-year delayed draw term loan from CoBank and the U.S. farm credit system executed July 7, 2023 that may be drawn upon the closing of the Acquisition. As a result of the Senior Notes issuance discussed further below, the $ 7.7  billion financing commitment has been reduced to $ 5.7  billion. The $ 5.7  billion financing commitment is in the form of a three tranche term loan maturing 364 -days, 2-years and 3-years from closing of the Acquisition. 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. 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. The net proceeds of the offering were approximately $ 1.98  billion after deducting underwriting commissions, the original issue discount, and offering fees and expenses payable by Bunge. The net proceeds from the offering are expected to be used to fund a portion of the cash consideration for Bunge's Acquisition of Viterra and to repay a portion of certain Viterra debt to be assumed in connection with the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes. The Senior Notes are subject to a special mandatory redemption at a price equal to 101 % of the aggregate principal amount, plus accrued and unpaid interest, under certain circumstances, including if the Acquisition of Viterra is not consummated or the Acquisition is not consummated by an agreed upon date per the terms of the Business Combination Agreement. Exchange Offers and Consent Solicitations of Viterra Notes - On September 9, 2024, Bunge announced that, in connection with its pending Acquisition of Viterra, Bunge's 's wholly-owned subsidiary, BLFC, commenced US Exchange Offers to exchange all outstanding notes of certain series (the "Existing USD Viterra Notes") issued by VFBV and guaranteed by Viterra and Viterra B.V., for up to $ 1.95  billion aggregate principal amount of new notes issued by BLFC and guaranteed by Bunge. 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. In addition, in the third quarter of 2024, Viterra commenced the European Consent Solicitation to amend the indenture governing VFBV's outstanding 500  million Euro aggregate principal amount of 0.375 % senior unsecured notes due 2025 and outstanding 700  million Euro aggregate principal amount of 1.000 % senior unsecured notes due 2028 (collectively, the "Existing Euro Viterra Notes") to, among other things, substitute the issuer and guarantors of such notes with BFE, a wholly F-49 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor. The resolutions to effect such amendments have been passed by the requisite number of noteholders. The US Exchange Offers and European Consent Solicitation are conditioned, among other things, upon the consummation of the Acquisition. For this reason, the Existing USD Viterra Notes and Existing Euro Viterra Notes are not recognized on Bunge's condensed consolidated balance sheet, until consummation of the Acquisition. Long-term Debt Certain property, plant and equipment, and investments in consolidated subsidiaries having a net carrying value of approximately $ 170 million at December 31, 2024 have been mortgaged or otherwise collateralized against long-term debt, including current portion, of $ 139 million at December 31, 2024. Principal Maturities —Principal maturities of long-term debt at December 31, 2024 are as follows: (US$ in millions) 2025 $ 690 2026 720 2027 907 2028 659 2029 805 Thereafter 1,882 Total (1) $ 5,663 (1) Includes components of long-term debt attributable to unamortized debt issuance costs of $ 32 million and excludes components of long-term debt attributable to fair value hedge accounting of $ 269 million. 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. EMPLOYEE BENEFIT PLANS Certain of Bunge's United States, Canadian, European, Asian, and Brazilian-based subsidiaries sponsor defined benefit pension plans covering substantially all employees of such subsidiaries. The plans provide benefits primarily based on participant salaries and lengths of service. The funding policies for Bunge's defined benefit pension plans are determined in accordance with statutory funding requirements. The most significant defined benefit plan is in the United States. Certain of Bunge's United States and Brazilian-based subsidiaries have benefit plans to provide postretirement healthcare benefits to eligible retired employees of those subsidiaries. The plans require minimum retiree contributions and define the maximum amount the subsidiaries will be obligated to pay under the plans. Bunge's policy is to fund these costs as they become payable. Plan amendments and pension liability adjustments —On September 19, 2017, Bunge approved changes to certain U.S. defined benefit pension plans. As a result, these plans were closed to new employees hired on or after January 1, 2018 and future benefit accruals for existing participants ceased effective January 1, 2023. Future Plan Settlements — On October 2, 2024, the Company, as plan sponsor for one of Bunge's defined benefit U.S. pension plans (the "U.S. Pension Plan"), utilized approximately $ 377  million of plan assets to purchase an equally valued buy-in contract from a third-party insurer. The insurance buy-in contract is a group annuity contract that is expected to provide an income stream to cover a significant majority of the cash flows arising for the plan population with future contracted payments. However, the benefit obligation remains with the plan and the Company. To further clarify, the buy-in is not a settlement. On October 22, 2024, the Company notified plan participants in the U.S. Pension Plan of its intent to offer a lump sum buyout to eligible participants and terminate the plan, which is expected to be completed in the second half of fiscal year 2025. In connection with the plan termination, the buy-in contract allows for the future conversion into a buy-out arrangement where the F-50 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) insurance company would assume full responsibility for the U.S. Pension Plan obligations, at which time the Company would derecognize the remaining assets and liabilities of the U.S. Pension Plan and realize a settlement gain or loss as a component of net periodic benefit costs. Given the funded status of the U.S. Pension Plan, the Company does not expect the transaction to result in material cash inflows or outflows in the consolidated statements of cash flows. The insurance contract had a fair value of $ 362  million at December 31, 2024 and was valued on an insurer pricing basis, which approximates fair value. 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. 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. On February 28, 2022, the Company, together with plan participants and related employee unions, agreed to the transition of one of the Company’s international defined-benefit pension plans to a multi-employer pension plan. Following the transition, the Company accounts for the multi-employer plan similar to a defined contribution plan, resulting in full settlement of the related defined-benefit plan obligations. In connection with the settlement, during the first quarter of 2022, the Company recorded a $ 41  million pretax gain within Other income (expense) - net in its consolidated statements of income, comprising a $ 4  million settlement of the related defined benefit plan obligations as well as the reclassification of $ 37  million in unamortized actuarial gains from Accumulated other comprehensive loss. Of this pretax gain, $ 12  million was attributable to Redeemable non-controlling interests. Plan Transfers In and Out — There were no significant transfers into or out of Bunge's employee benefit plans during the years ended December 31, 2024 or 2023. Cost of Benefit Plans —Service cost is recognized in a period determined as the actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during that period. Interest cost is the amount recognized in a period determined as the increase in the projected benefit obligation due to the passage of time. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Amortization of net loss represents the recognition in net periodic cost over several periods of amounts previously recognized in Other comprehensive (loss) income. 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. The components of net periodic benefit costs for defined benefit pension plans and postretirement benefit plans are as follows: Pension Benefits December 31, Postretirement Benefits December 31, (US$ in millions) 2024 2023 2022 2024 2023 2022 Service cost $ 11   $ 10   $ 29   $ —   $ —   $ — Interest cost 38   41   30   3   4   3 Expected return on plan assets ( 47 ) ( 46 ) ( 52 ) —   —   — Amortization of net loss (gain) 3   3   5   ( 1 ) ( 1 ) — Curtailment gain —   —   ( 4 ) —   —   — Settlement gain recognized —   —   ( 36 ) —   —   — Net periodic benefit costs $ 5   $ 8   $ ( 28 ) $ 2   $ 3   $ 3 Assumptions used in Postretirement Be nefits Calculations —At December 31, 2024, an 8.5 % annual rate of increase in the per capita cost of c overed healthcare benefits was assumed for 2024 postretirement benefit plan measurement purposes, decreasing to 8.1 % by 2048, a nd remaining at th at level thereafter. 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. F-51 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The weighted-average actuarial assumptions used in determining the benefit obligation under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits December 31, Postretirement Benefits December 31, 2024 2023 2024 2023 Discount rate 4.2   % 4.8   % 11.3   % 9.2   % Increase in future compensation levels 2.1   % 2.2   % N/A N/A The weighted-average actuarial assumptions used in determining the net periodic benefit cost under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits December 31, Postretirement Benefits December 31, 2024 2023 2022 2024 2023 2022 Discount rate 4.8   % 5.2   % 2.5   % 9.2   % 9.6   % 7.5   % Expected long-term rate of return on assets 6.7   % 6.5   % 5.0   % N/A N/A N/A Increase in future compensation levels 2.2   % 2.4   % 3.2   % N/A N/A N/A The sponsoring subsidiaries select the expected long-term rate of return on assets in consultation with their investment advisors and actuaries. These rates are intended to reflect the average rates of earnings expected on the funds invested or to be invested to provide required plan benefits. The plans are assumed to continue in effect as long as assets are expected to be invested. In estimating the expected long-term rate of return on assets, appropriate consideration is given to historical performance for the major asset classes held, or anticipated to be held, by the applicable plan trusts and to current forecasts of future rates of return for those asset classes. Cash flows and expenses are taken into consideration to the extent that it would affect the expected returns. As assets are generally held in qualified trusts, anticipated returns are not reduced for taxes. For the U.S. Pension Plan, the anticipated long-term rate of return is equal to the discount rate. For certain of Bunge’s plans, the discount rate is determined by 1) the yield on a hypothetical bond portfolio for which the cash flow effectively settles the year-by-year projected benefit cash flows or 2) matching either the duration or the expected cash flows for the pension plans to a hypothetical yield curve developed on a region-specific basis using a portfolio of available high quality, non-callable, make-whole corporate bonds. For the U.S. Pension Plan, the discount rate is based on the rate at which the liabilities will be effectively settled during 2025. 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. A measurement date of December 31 was used for all plans. Pension Benefits December 31, Postretirement Benefits December 31, (US$ in millions) 2024 2023 2024 2023 Change in benefit obligations: Benefit obligation at the beginning of year $ 836   $ 812   $ 35   $ 36 Service cost 11   10   —   — Interest cost 38   41   3   4 Actuarial loss (gain), net 24   31   14   ( 4 ) Employee contributions 4   4   —   — Plan settlements ( 3 ) ( 10 ) —   — Benefits paid ( 41 ) ( 59 ) ( 6 ) ( 3 ) Expenses paid ( 3 ) ( 5 ) —   — Impact of foreign exchange rates ( 17 ) 12   ( 8 ) 2 Benefit obligation at the end of year $ 849   $ 836   $ 38   $ 35 Change in plan assets: Fair value of plan assets at the beginning of year $ 711   $ 706   $ —   $ — Actual return on plan assets 57   51   —   — Employer contributions 22   13   6   3 Employee contributions 4   4   —   — Plan settlements ( 3 ) ( 10 ) —   — Benefits paid ( 41 ) ( 59 ) ( 6 ) ( 3 ) Expenses paid ( 3 ) ( 5 ) —   — Impact of foreign exchange rates ( 15 ) 11   —   — Fair value of plan assets at the end of year $ 732   $ 711   $ —   $ — Unfunded status and net amounts recognized: Plan assets less than benefit obligation $ ( 117 ) $ ( 125 ) $ ( 38 ) $ ( 35 ) Net liability recognized in the balance sheet $ ( 117 ) $ ( 125 ) $ ( 38 ) $ ( 35 ) Amounts recognized in the balance sheet consist of: Non-current assets $ 25   $ 24   $ —   $ — Current liabilities ( 8 ) ( 9 ) ( 4 ) ( 5 ) Non-current liabilities ( 134 ) ( 140 ) ( 34 ) ( 30 ) Net liability recognized $ ( 117 ) $ ( 125 ) $ ( 38 ) $ ( 35 ) Included in Accumulated other comprehensive loss are the following amounts, net of tax and excluding noncontrolling interest, which have not been recognized in net periodic benefit costs: Pension Benefits December 31, Postretirement Benefits December 31, (US$ in millions) 2024 2023 2024 2023 Net actuarial (loss) gain $ ( 139 ) $ ( 129 ) $ ( 4 ) $ 6 Prior service credit 3   3   —   — Total accumulated other comprehensive (loss) income $ ( 136 ) $ ( 126 ) $ ( 4 ) $ 6 F-53 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Bunge has aggregated certain defined benefit pension plans for which the projected benefit obligations exceeds the fair value of related plan assets with pension plans for which the fair value of plan assets exceeds related projected benefit obligations. The following table provides aggregated information about pension plans with a projected benefit obligation in excess of plan assets: Pension Benefits December 31, (US$ in millions) 2024 2023 Projected benefit obligation $ ( 268 ) $ ( 713 ) Fair value of plan assets $ 126   $ 564 The accumulated benefit obligation for the defined pension benefit plans was $ 831 million a nd $ 818  million at December 31, 2024 and 2023, respectively. 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. For pension plans in the United States (the "US plans"), Bunge has an outside investment advisory firm to implement a liability-driven investment strategy intended to increase the duration of pension plan assets to better match the duration of pension benefit obligations. For the U.S. Pension Plan , Bunge updated its investment strategy to prepare for a lump sum buyout as discussed above. The investment strategy of the other US plans is intended to increase the interest rate and credit spread liability hedge ratios and reduce the funded status volatility of the US plans. Target asset allocations are based on a glide path approach, which allocates more plan assets to immunizing assets, such as intermediate and long duration fixed income instruments, which are intended to match the duration and amount of the expected liabilities, and less to growth assets, such as public equities, non-core fixed income instruments and real assets, as the funded status of the plans improve. Target asset allocations are generally 80 - 90 % to immunizing assets and 10 - 20 % to growth assets. For pension plans outside of the United States, the plans’ trust funds utilize a target asset allocation of approximately 30 % fixed income securities, approximately 35 % equities and approximately 35 % in real estate and other alternative investment vehicles. Bunge implements its investment strategy through a combination of passive and actively managed strategies, including, but not limited to mutual funds, collective trust funds, and collective investment trusts. The Company's policy is not to invest plan assets in Bunge Global SA shares. Plan investments are stated at fair value or net asset value ("NAV"). For a further definition of fair value and the associated fair value levels, refer to Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies . F-54 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The fair values of Bunge's defined benefit pension plans' assets at the measurement date, by category, are as follows: December 31, 2024 (US$ in millions) Level 1 Level 2 Level 3 Total Cash $ 114   $ —   $ —   $ 114 Insurance contract (1) —   —   362   362 Mutual funds - equities (2) 70   —   —   70 Mutual funds - fixed income (3) 41   21   —   62 Other (4) 2   45   8   55 Total $ 227   $ 66   $ 370   $ 663 Collective pooled funds (5) $ —   $ —   $ —   $ 69 Total investments measured at NAV as a practical expedient —   —   —   69 Total $ 227   $ 66   $ 370   $ 732 December 31, 2023 (US$ in millions) Level 1 Level 2 Level 3 Total Cash $ 45   $ —   $ —   $ 45 Mutual funds - equities (2) 62   —   —   62 Mutual funds - fixed income (3) 41   31   —   72 Other (4) 3   45   6   54 Total $ 151   $ 76   $ 6   $ 233 Collective pooled funds (5) $ —   $ —   $ —   $ 478 Total investments measured at NAV as a practical expedient —   —   —   478 Total $ 151   $ 76   $ 6   $ 711 (1) This category represents the buy-in contract related to the U.S. Pension Plan and was valued on an insurer pricing basis, which reflects the purchase price adjusted for movements in market indicators. (2) This category represents a portfolio of equity investments comprised of equity index funds that invest in U.S. equities and non-U.S. equities. The U.S. equities are comprised of investments focusing on large, mid and small cap companies and non-U.S. equities are comprised of international, emerging markets, and real estate investment trusts. (3) This category represents a portfolio of fixed income investments in mutual funds comprised of investment grade U.S. government bonds and notes, foreign government bonds, and corporate bonds from diverse industries. (4) This category represents a portfolio consisting of a mixture of hedge funds, investments in certain government and municipal securities, bonds, real estate, and insurance contracts. (5) Collective pooled funds are typically collective trusts valued at NAV that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Using the practical expedient in ASC 820, Fair Value Measurements , these investments are not categorized within the fair value hierarchy, but are included in the table above so that they can be reconciled to the line items presented in the consolidated balance sheets. Bunge expects to contri bute $ 14 million and $ 4 million to its d efined benefit pension and postretirement benefit plans, respectively, in 2025. F-55 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following benefit payments, which reflect future service as appropriate, are expected to be paid in relation to defined benefit pension and postretirement benefit plans: (US$ in millions) Pension Benefit Payments Postretirement Benefit Payments 2025 (1) $ 508   $ 4 2026 20   4 2027 20   4 2028 21   4 2029 21   4 Next five years 104   22 (1) The expected benefit payments in 2025 include $ 487  million related to the anticipated settlement of the U.S. Pension Plan as discussed above. Employee Defined Contribution Plans —Bunge also makes contributions to qualified defined contribution plans for eligible employees. Contributions to these plans amount ed to $ 48 million , $ 43 million , and $ 28 million during the years ended December 31, 2024, 2023, and 2022, respectively.
19. RELATED PARTY TRANSACTIONS Bunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised appro ximatel y 9 % or less of total Cost of goods sold for each of the years ended December 31, 2024, 2023, and 2022. Bunge also sells agricultural commodity products to certain of its unconsolidated investees and other related parties. Such related party sales comprised approximately 2 % or less of total Net sales for each of the years ended December 31, 2024, 2023, and 2022. In addition, Bunge receives services from and provides services to its unconsolidated investees, including tolling, port handling, administrative support, and other services. During the years ended December 31, 2024, 2023, and 2022, such services w ere not material to t he Company's consolidated results. At December 31, 2024 and 2023, receivables related to the above related party transactions comprised approximatel y 4 % or less of total Trade accounts receivable, net. At December 31, 2024 and 2023, payables related to the above related party transactions comprised approximately 3 % or less of total Trade accounts payable. Further, as referenced in Note 6- Other Current Assets and Note 12- Other Non-Current Assets , Bunge provides certain advance payments for future delivery of specified quantities of agricultural commodities and advances to its unconsolidated inve stees. 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. COMMITMENTS AND CONTINGENCIES Bunge is party to claims and lawsuits, primarily non-income tax and labor claims in South America, arising in the normal course of business. Bunge is also involved from time to time in various contract, antitrust, environmental litigation and remediation, and other litigation, claims, government investigations and legal proceedings. The ability to predict the ultimate outcome of such matters involves judgments, estimates, and inherent uncertainties. Bunge records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Bunge management does not expect these matters to have a material adverse effect on Bunge’s financial condition, results of operations, or liquidity. 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. Included in Other non-current liabilities at December 31, 2024 and 2023 are the following amounts related to these matters: December 31, (US$ in millions) 2024 2023 Non-income tax claims $ 19   $ 19 Labor claims 50   66 Civil and other claims 194   114 Total $ 263   $ 199 Brazil indirect taxes - non-income tax claims - These tax claims relate to claims against Bunge’s Brazilian subsidiaries, primarily value-added tax claims (ICMS, ISS, IPI and PIS/COFINS) plus applicable interest and penalties on the outstanding amount. 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. 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. Civil and other claims — The civil and other claims relate to various disputes with third parties, including suppliers, customers and government entities. Guarantees —Bunge has issued or was a party to the following guarantees at December 31, 2024: (US$ in millions) Recorded Liability Maximum Potential Future Payments Unconsolidated affiliates guarantee (1) $ 13   $ 149 Residual value guarantee (2) —   378 Other guarantees —   14 Total $ 13   $ 541 (1) Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. 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. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on the amounts drawn under guaranteed debt facilities of unconsolidated affiliates at December 31, 2024, Bunge's potential liability was $ 131 million, and it has recorded $ 13 million of obligations related to these guarantees within Other current liabilities and Other non-current liabilities. (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. 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. Bunge Global SA has provided a guarantee to the Director of the Illinois Department of Agriculture as Trustee for Bunge North America, Inc. ("BNA"), an indirect wholly-owned subsidiary, which guarantees all amounts due and owing by BNA to grain producers and/or depositors in the State of Illinois who have delivered commodities to BNA's Illinois facilities. 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. Indemnities for new claims generally expire between six and ten years from the transaction closing date and no expiration period for existing claims. As of December 31, 2024, Bunge recorded a $ 95  million obligation related to existing indemnity claims within Other non-current liabilities and has maximum potential future payments of $ 1,357  million. On February 3, 2023, Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunge's former Russian subsidiary. The indemnity expires on February 2, 2030. 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. Commitments —At December 31, 2024, Bunge had approximately $ 188 million of purchase commitments related to inventories, $ 138 million of freight supply agreements for ocean freight vessels and railroad freight lines not accounted for as leases, $ 77 million of power supply contracts, $ 243 million of contractual commitments related to construction in progress, and $ 669 million of other purchase commitments and obligations, such as take-or-pay contracts, throughput contracts, and debt commitment fees. 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. OTHER NON-CURRENT LIABILITIES Other non-current liabilities consist of the following: December 31, (US$ in millions) 2024 2023 Labor, legal and other provisions (1) $ 281   $ 218 Pension, post-retirement, and post-employment obligations (2) 170   170 Uncertain income tax positions (3) 75   68 Unrealized losses on derivative contracts, at fair value (4) 232   260 Other 89   108 Total $ 847   $ 824 (1) As of December 31, 2024, Bunge recorded a $ 95  million obligation related to certain indemnifications associated with the sale of it 50 % ownership interest in BP Bunge Bioenergia. See Note 20- Commitments and Contingencies for further information. (2) See Note 18- Employee Benefit Plans . (3) See Note 14- Income Taxes. (4) See Note 15- Fair Value Measurements. F-58 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
22. EQUITY Redomestication — In connection with the Redomestication noted in Note 1- Nature of Business, Basis of Presentation, and Significant Accounting Policies , one registered share, par value $ 0.01 per share, of Bunge Global SA was exchanged for, each issued and outstanding Bunge Limited common share, par value $ 0.01 per share. In connection with the non-cash exchange on November 1, 2023, Bunge Global SA acquired 16,141,494 treasury shares which, following the Redomestication, have been included in the general treasury share population available for use in satisfying Bunge’s obligations to deliver registered shares. Treasury Shares — In connection with the Redomestication, 8,102,179 shares held in treasury with an acquisition cost of $ 845  million were cancelled in a non-cash transaction to comply with the Swiss Code limitation on issuer’s holding of registered share capital. In addition, in the fourth quarter of 2024, Bunge Global SA cancelled 6,146,930 shares held in treasury totaling $ 572  million. 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. 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. Cumulative Convertible Perpetual Preference Shares — Effective March 23, 2022, (the "Conversion Date"), in accordance with the terms of the certificate of designation governing the 4.875 % Cumulative Convertible Perpetual Preference Shares ("convertible preference shares"), all of the Company's issued and outstanding convertible preference shares were automatically converted into 1.2846 common shares of the Company, par value $ 0.01 per share. There were 6,898,268 convertible preference shares issued and outstanding prior to the conversion, which resulted in the issuance of 8,861,515 new common shares of the Company. Additionally, in the first quarter of 2022, prior to the conversion, 1,415 convertible preference shares were voluntarily converted by preference shareholders into 1,816 common shares. As a result of this conversion, no convertible preference shares were issued or outstanding as of December 31, 2024, 2023, and 2022, and all rights of the former holders of the convertible preference shares terminated, as of March 23, 2022. Dividends on the convertible preference shares ceased to accrue on the Conversion Date. Accordingly, holders of the convertible preference shares were not entitled to receive the $ 1.21875 per share dividend declared by the Company in respect of the convertible preference shares on February 23, 2022, and payable to holders of record on May 15, 2022. 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. 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. Upon approval of a dividend, the obligation is reflected in Other current liabilities with a corresponding reduction in Retained earnings in the consolidated balance sheet. 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 . F-59 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Accumulated other comprehensive loss Attributable to Bunge — The following table summarizes the balances of related after-tax components of Accumulated other comprehensive loss attributable to Bunge: (US$ in millions) Foreign Exchange Translation Adjustment (1) Deferred Gains (Losses) on Hedging Activities Pension and Other Postretirement Liability Adjustments Accumulated Other Comprehensive Loss Balance, January 1, 2022 $ ( 6,093 ) $ ( 254 ) $ ( 124 ) $ ( 6,471 ) Other comprehensive income (loss) before reclassifications 26   ( 81 ) 40   ( 15 ) Acquisition of redeemable noncontrolling interest ( 15 ) —   —   ( 15 ) Amount reclassified from Accumulated other comprehensive loss (2) 156   ( 8 ) ( 18 ) 130 Net-current period other comprehensive income (loss) 167   ( 89 ) 22   100 Balance, December 31, 2022 ( 5,926 ) ( 343 ) ( 102 ) ( 6,371 ) Other comprehensive income (loss) before reclassifications 335   ( 99 ) ( 18 ) 218 Amount reclassified from Accumulated other comprehensive loss (3) 102   ( 3 ) —   99 Net-current period other comprehensive income (loss) 437   ( 102 ) ( 18 ) 317 Balance, December 31, 2023 ( 5,489 ) ( 445 ) ( 120 ) ( 6,054 ) Other comprehensive (loss) income before reclassifications ( 897 ) 127   ( 24 ) ( 794 ) Amount reclassified from Accumulated other comprehensive loss (4) 133   9   4   146 Net-current period other comprehensive (loss) income ( 764 ) 136   ( 20 ) ( 648 ) Balance, December 31, 2024 $ ( 6,253 ) $ ( 309 ) $ ( 140 ) $ ( 6,702 ) (1) Bunge has significant operating subsidiaries in Brazil, Argentina, North America, Europe, and Asia-Pacific. The functional currency of Bunge's subsidiaries is generally the local currency. The assets and liabilities of these subsidiaries are translated into U.S. dollars from the local currency at month-end exchange rates, and the resulting foreign currency translation gains (losses) are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. (2) On February 28, 2022, the Company, together with plan participants and related employee unions, agreed to the transition of one of the Company's international defined benefit pension plans to a multi-employer pension plan. Following the transition, the Company accounts for the multi-employer plan similar to a defined contribution plan, resulting in full settlement of the related defined benefit plan obligations. In connection with the settlement, during the twelve months ended December 31, 2022, the Company reclassified $ 27  million (net of $ 10  million tax expense) in unamortized actuarial gains from Accumulated other comprehensive loss, of which $ 19  million was attributable to Bunge (net of $ 7  million in tax expense), and $ 8  million was attributable to redeemable non-controlling interest (net of $ 3  million in tax expense). The year ended December 31, 2022 also included the release of cumulative translation adjustments upon the disposition of substantially all of the wheat milling business in Mexico of $ 158  million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2021 (see Note 2- Acquisitions and Dispositions ). (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 ). (4) The year ended December 31, 2024 included the release of cumulative translation adjustments and deferred results on hedging activities upon the disposition of BP Bunge Bioenergia of $ 133  million and $ 9  million, respectively (see Note 2- Acquisitions and Dispositions ). F-60 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
23. EARNINGS PER SHARE Share information provided below, including references to Net income attributable to Bunge shareholders, Weighted-average number of shares outstanding, and Earnings per share have been calculated based on Bunge’s common shares prior to the Redomestication and Bunge’s registered shares after the Redomestication. The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, (US$ in millions, except for share data) 2024 2023 2022 Net income attributable to Bunge shareholders $ 1,137   $ 2,243   $ 1,610 Weighted-average number of shares outstanding: Basic 140,539,652   148,804,387   148,712,251 Effect of dilutive shares: —stock options and awards (1) 1,683,569   1,983,530   2,455,629 —convertible preference shares (2) —   —   1,966,874 Diluted 142,223,221   150,787,917   153,134,754 Earnings per share: Net income attributable to Bunge shareholders—basic $ 8.09   $ 15.07   $ 10.83 Net income attributable to Bunge shareholders—diluted $ 7.99   $ 14.87   $ 10.51 (1) The weighted-average shares outstanding-diluted exclude less than 1 million contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for the years ended December 31, 2024, 2023, and 2022. (2) Effective March 23, 2022, in accordance with the terms of the certificate of designation governing the convertible preference shares, all of the Company's issued and outstanding convertible preference shares were automatically converted into 1.2846 common shares of the Company, par value $ 0.01 per share. Refer to Note 22- Equity for further information.
24. SHARE-BASED COMPENSATION In connection with the Redomestication effective as of November 1, 2023, Bunge amended the Bunge Equity Incentive Plan (the "2016 EIP"), the Bunge 2009 Equity Incentive Plan, and the 2017 Non-Employee Directors Equity Incentive Plan (the "2017 NED Plan" or collectively, referred to as the "Plans") to provide for the issuance of registered shares instead of common shares in connection with the awards under the Plans. Additionally, the amendments to the Plans include changes to comply with Swiss law regarding minimum payment for shares, share sourcing, the form of shares, data protection, and forfeiture of restricted shares along with modifying the vesting provision on the 2017 NED Plan for separation. On May 15, 2024, Bunge established the Bunge 2024 Long-Term Incentive Plan ("2024 LTIP"), which allows for an additional issue of 5,000,000 shares and replaced the 2016 EIP, under which, beginning May 15, 2024, no further awards may be granted. For the years ended December 31, 2024, 2023, and 2022, Bunge recognized approximately $ 65 million, $ 69 million, and $ 65 million, respectively, of total compensation expense related to its stock option and restricted stock unit equity awards. F-61 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) During the years ended December 31, 2024, 2023, and 2022, Bunge granted equity awards under the 2024 LTIP and the 2016 EIP, both shareholder approved plans. Under the 2024 LTIP and the 2016 EIP, the Compensation Committee of Bunge's Board of Directors may grant equity-based awards to officers, employees, consultants, and independent contractors in the form of stock options, restricted stock units (performance-based or time-based) or other equity-based awards. Shares issued under the 2024 LTIP and the 2016 EIP may result from, in whole or in part, the capital band referenced in Bunge's articles of association, treasury shares, or shares reacquired by the Company in any manner, or a combination thereof. Stock Option Awards—Options to purchase Bunge registered shares are granted with an exercise price equal to the grant date fair market value of Bunge registered shares, vest over service periods that generally range from one to three years and expire 10 years from the date of grant. Vesting may be accelerated in certain circumstances as provided in the plans or associated award agreements. Grant date fair value is recognized as compensation expense on a straight-line basis for option grants, and forfeitures are recognized as they occur. Bunge elected to cease awarding stock options to its employees beginning January 1, 2021. All awards previously granted have vested and have varying expiration dates through 2030. Restricted Stock Units—Restricted stock units ("RSUs") give recipients the right to receive Bunge registered shares upon the lapse of related restrictions determined by the Compensation Committee. The Company has two types of RSUs: time-based restricted stock units ("TBRSUs") and performance-based restricted stock units ("PBRSUs"). 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. Compensation expense is recognized on a straight-line basis over the vesting period for restricted stock units. RSUs generally vest over periods ranging from one to three years . Vesting may be accelerated under certain circumstances as defined in the plans or associated award agreements. RSUs are generally settled in Bunge registered shares upon satisfaction of the applicable vesting terms, and forfeitures are recognized as they occur. In locations where share settlement may be prohibited under local law, RSUs are settled in cash. At the time of settlement, a participant holding a vested restricted stock unit will also be entitled to receive corresponding accrued dividend equivalent share payments. Under the 2017 NED Plan, the Compensation Committee may grant equity-based awards to non-employee directors of Bunge Global SA. Awards may consist of restricted stock, RSUs, deferred RSUs, and non-statutory stock options. RSUs granted to non-employee directors generally vest on the first anniversary of the grant date, provided the director continues to serve on the Board until such date, and are settled in Bunge registered shares. At the time of settlement, a participant holding a vested restricted stock unit is also entitled to receive corresponding accrued dividend equivalent share payments. The fair value of each stock option granted under any of the Plans is estimated on the grant date using the Black-Scholes-Merton option pricing model, utilizing inputs such as the expected volatility of Bunge registered shares, historical employee exercise behavior, the expected outstanding option term, and the risk-free interest rate associated with U.S. Treasury zero-coupon bonds. A summary of option activity under the Plans for the year ended December 31, 2024 is presented below: Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (US$ in millions) Outstanding at January 1, 2024 1,706,129   $ 55.01 Exercised ( 165,902 ) 66.91 Forfeited or expired ( 1,200 ) 81.00 Outstanding at December 31, 2024 (1) 1,539,027   53.71   4.02 $ 38 Exercisable at December 31, 2024 1,539,027   $ 53.71   4.02 $ 38 (1) Includes 15,020 options to be cash settled. The total intrinsic value of options exercised during the years ended December 31, 2024, 2023, and 2022 was approximately $ 5 million, $ 5 million, and $ 44 million, respectively. F-62 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) A summary of restricted stock unit activity under the Plans for the year ended December 31, 2024 is presented below. Restricted Stock Units Shares Weighted-Average Grant-Date Fair Value Time-based restricted stock units at January 1, 2024 1,166,604   $ 94.97 TBRSUs Granted 523,496   95.28 Vested/issued (1) ( 433,739 ) 81.90 Forfeited ( 47,134 ) 98.54 Time-based restricted stock units at December 31, 2024 (2) (3) 1,209,227   $ 99.26 Performance-based restricted stock units at January 1, 2024 674,404   $ 103.47 PBRSUs Granted 260,600   92.78 Additional PBRSUs granted on achievement of performance targets 233,190   88.79 Vested/issued (1) ( 495,162 ) 89.31 Forfeited ( 29,740 ) 105.26 Performance-based restricted stock units at December 31, 2024 (2) 643,292   $ 105.06 Total restricted stock units at December 31, 2024 (2) 1,852,519   $ 101.28 (1) During the year ended December 31, 2024, Bunge issued a total of 638,386 registered shares, net of shares withheld to cover taxes, including related shares representing accrued dividends, with a weighted-average fair value of $ 85.90 per share upon vesting of TBRSUs and PBRSUs. (2) Includes accrued unvested dividends, which are payable in Bunge's registered shares upon vesting of underlying restricted stock units. (3) Includes 14,180 TBRSUs to be cash settled. At December 31, 2024, there was approximately $ 77 million of total unrecognized compensation cost related to RSUs granted under the Plans, which is expected to be recognized over the next three years . The total grant date fair value of RSUs vested during the year ended December 31, 2024 was approximately $ 75 million. Registered Shares Reserved for Share-Based Awards —The 2024 LTIP and 2017 NED Plan provide that 5,000,000 and 320,000 registered shares, respectively, are to be reserved for grants of stock options, restricted stock units and other awards under the plans. At December 31, 2024, 4,958,767 and 131,642 registered shares were available for future grants under the 2024 LTIP Plan and 2017 NED Plan, respectively. No shares are currently available for grant under any other Bunge Global SA equity incentive plan.
25. LEASES The Company routinely leases storage facilities, transportation equipment, land, and office facilities which are typically classified as operating leases. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of renewal or termination options. 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). As of the lease commencement date, the lease liability is initially measured as the present value of lease payments not yet paid. The lease asset is initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement (e.g., prepaid rent), lease incentives, and any initial direct costs. Over time, the lease liability is reduced for lease payments made and the lease asset is reduced through expense, classified as either Cost of goods sold or Selling, general and administrative expense depending upon the nature of the lease. Lease assets are subject to review for impairment in a manner consistent with property, plant and equipment. Leases with an initial term of 12 months or F-63 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) less ("short-term leases") are not recorded on the consolidated balance sheets and the related lease expense is recognized on a straight-line basis over the lease term. The Company’s operating leases range in length of term, with a weighted average remaining lease term of 8.2 years , and a maximum remaining term of 87 years for one water rights lease . Renewal options are generally exercisable solely at the Company’s discretion. When a renewal option is reasonably certain to be exercised, such additional terms are considered when calculating the associated operating lease asset and liability. When determining the lease liability at commencement of the lease, the present value of lease payments is generally based on the Company’s incremental borrowing rate determined using a portfolio approach and the Company’s inc remental cost of debt, adjusted to arrive at the rate in the applicable country and for the applicable term of the lease, as the rate implicit in the lease is generally not readily determinable. As of December 31, 2024, such weighted average discount rate on operating leases was 4.7 % . Certain of the Company’s freight supply agreements for ocean freight vessels and rail cars may include rental payments that are variable in nature. Variable payments on time charter agreements for ocean freight vessels under freight supply agreements are dependent on then current market daily hire rates. Variable payments for certain rail cars can be based on volumes, and in some cases, benchmark interest rates. All such variable payments, other than those that depend on an index or rate, are not included in the calculation of the associated operating lease asset or liability subsequent to the inception date of the associated lease and are recorded as expense in the period in which the adjustment to the variable payment obligation is incurred. Certain of the Company’s lease agreements related to railcars and barges contain residual value guarantees (see Note 20- Commitments and Contingencies ). None of the Company’s lease agreements contain material restrictive covenants. The components of lease expense were as follows: Year Ended December 31, (US$ in millions) 2024 2023 Operating lease cost $ 420   $ 507 Short-term lease cost 1,054   747 Variable lease cost 42   47 Total lease cost $ 1,516   $ 1,301 The table below presents the finance lease-related assets and liabilities recorded on the consolidated balance sheets: December 31, (US$ in millions) 2024   2023 Property, plant and equipment $ 151   $ 124 Less: accumulated depreciation and depletion ( 44 ) ( 36 ) Property, plant and equipment, net $ 107   $ 88 Current portion of long-term debt $ 7   $ 3 Long-term debt 80   57 Total finance lease liabilities $ 87   $ 60 Supplemental cash flow information related to leases was as follows: Year Ended December 31, (US$ in millions) 2024   2023 Cash paid for amounts included in the measurement of lease liabilities: Operating lease liability principal payments $ 421   $ 506 Supplemental non-cash information: Right-of-use assets obtained in exchange for lease obligations (1) $ 449   $ 403 (1) Comprises both operating and finance lease obligations. F-64 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Maturities of operating and finance lease liabilities as of December 31, 2024 were as follows: (US$ in millions) Operating leases Finance leases 2025 $ 315   $ 12 2026 220   12 2027 134   9 2028 93   8 2029 50   7 Thereafter 265   93 Total lease payments (1) 1,077   141 Less imputed interest ( 196 ) ( 54 ) Present value of lease liabilities, as separately presented on the consolidated balance sheet $ 881   $ 87 (1) Minimum lease payments have not been reduced by minimum sublease income receipts of $ 57 million due in future periods under non-cancelable subleases as of December 31, 2024. 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. Sublease income, generally recorded within Net sales, was $ 229  million and $ 176  million for the years ended December 31, 2024 and 2023, respectively. The Company is expected to have additional operating lease payments, primarily for ocean freight vessels that have not yet commenced, of $ 526 million. The operating leases are expected to commence between 2025 and 2027, with lease terms ranging between three and 48 years.
26. SEGMENT INFORMATION The Company's operations are organized, managed, and classified into four reportable segments - Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Refined and Specialty Oils segment involves the processing, production, and marketing of products derived from vegetable oils. The Milling segment involves the processing, production, and marketing of products derived primarily from wheat and corn. The Sugar & Bioenergy segment primarily comprises the net earnings from the Company’s 50 % interest in BP Bunge Bioenergia, a joint venture with BP. On October 1, 2024, Bunge completed the sale of our 50 % interest in BP Bunge Bioenergia to BP. See Note 2- Acquisitions and Dispositions for further information . Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities. Transfers between the segments are valued at market. The segment revenues generated from these transfers are shown in the following table as "Inter-segment revenues." F-65 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) In the fourth quarter of 2024, Bunge adopted ASU 2023-07. As a result, Bunge expanded its expense disclosures in the following table and included additional qualitative disclosures within this footnote. As 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. (2) 2024 EBIT includes $ 244  million of acquisition and integration costs, recorded in SG&A, Cost of goods sold and Other income (expense) - net, related to the announced Business Combination Agreement with Viterra; $ 195  million gain on sale of Bunge's 50 % ownership share in BP Bunge Bioenergia, recorded in Other income (expense) - net; $ 19  million of charges related to the impairment of an equity method investment, recorded in (Loss) income from affiliates; and $ 6  million in insurance recoveries related to certain previously damaged property as a result of the Ukraine-Russia war, recorded in Cost of goods sold. (3) 2023 EBIT includes a mark-to-market gain of $ 29  million, recorded in Cost of goods sold, related to inventory recovered from Bunge's Mykolaiv and other facilities in Ukraine; $ 37  million of fixed asset impairment charges in North America, recorded in Cost of goods sold; $ 17  million of amortization charges, at Bunge's 80 % share, recorded in SG&A, primarily related to the discontinuance of the Loders Croklaan trademark; $ 114  million of acquisition and integration costs, recorded in SG&A, related to the announced Business Combination Agreement with Viterra; $ 20  million impairment charge, recorded in Other income (expense) - net, related to the full impairment of a long-term investment held in Other non-current assets; and a $ 16  million impairment charge, recorded in (Loss) income from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients. (4) 2022 EBIT includes $ 80  million of charges resulting from the Ukraine-Russia war, recorded in Cost of goods sold, primarily related to losses associated with inventories physically located in occupied territories in Ukraine or in difficult to access locations with high costs of recovery; $ 106  million of charges on the classification of our Russian oilseed processing business as held-for-sale, recorded in Cost of goods sold; a $ 29  million gain, at Bunge's then- 70 % share, related to the settlement of one of the Company’s international defined benefit pension plans, recorded in Other income (expense) - net; and $ 53  million of charges related to the impairment of two equity investments, recorded in (Loss) income from affiliates. 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 CODM believes total reportable segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its reportable segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industries. Further, the CODM uses total reportable segment EBIT to evaluate earnings generated from segment assets in deciding whether to reinvest earnings into a particular segment or into other parts of the entity, such as for acquisitions. EBIT is also used to monitor forecast versus actual results. A reconciliation of Net income attributable to Bunge shareholders to Total reportable segment EBIT follows: Year Ended December 31, (US$ in millions) 2024 2023 2022 Net income attributable to Bunge shareholders $ 1,137   $ 2,243   $ 1,610 Interest income ( 163 ) ( 148 ) ( 71 ) Interest expense 471   516   403 Income tax expense 336   714   388 Noncontrolling interests' share of interest and tax 11   8   1 Total EBIT 1,792   3,333   2,331 Less Corporate & Other EBIT ( 594 ) ( 548 ) ( 397 ) Total reportable segment EBIT $ 2,386   $ 3,881   $ 2,728 F-68 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Net sales by product group to external customers were as follows: Year Ended December 31, (US$ in millions) 2024 2023 2022 Agribusiness Processing Products $ 27,981   $ 31,298   $ 32,804 Agribusiness Merchandising Products 10,617   11,466   14,896 Refined and Specialty Oil Products 12,771   14,603   16,850 Milling Products 1,555   1,896   2,388 Sugar and Bioenergy Products 130   235   259 Other Products 54   42   35 Total $ 53,108   $ 59,540   $ 67,232 Geographic area information for Net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets follows: Year Ended December 31, (US$ in millions) 2024 2023 2022 Net sales to external customers: Europe $ 25,356   $ 24,333   $ 26,089 United States 14,187   15,819   16,939 Asia-Pacific 6,194   10,098   13,829 Brazil 3,810   4,771   5,487 Argentina 859   1,386   1,576 Canada 2,174   2,606   2,431 Rest of world 528   527   881 Total $ 53,108   $ 59,540   $ 67,232 Year Ended December 31, (US$ in millions) 2024 2023 Long-lived assets: (1) Europe $ 1,182   $ 1,090 United States 2,361   1,733 Asia-Pacific 400   386 Brazil 758   775 Argentina 195   188 Canada 356   367 Rest of world 2   2 Total $ 5,254   $ 4,541 (1) Long-lived assets comprise Property, plant and equipment, net. 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). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606): Year Ended December 31, 2024 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Bioenergy Corporate & Other Total Sales from commodity contracts (ASC 815) $ 36,467   $ 963   $ 2   $ 126   $ —   $ 37,558 Sales from contracts with customers (ASC 606) 2,131   11,808   1,553   4   54   15,550 Net sales to external customers $ 38,598   $ 12,771   $ 1,555   $ 130   $ 54   $ 53,108 Year Ended December 31, 2023 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Bioenergy Corporate & Other Total Sales from commodity contracts (ASC 815) $ 40,331   $ 997   $ 152   $ 229   $ —   $ 41,709 Sales from contracts with customers (ASC 606) 2,433   13,606   1,744   6   42   17,831 Net sales to external customers $ 42,764   $ 14,603   $ 1,896   $ 235   $ 42   $ 59,540 Year Ended December 31, 2022 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Bioenergy Corporate & Other Total Sales from commodity contracts (ASC 815) $ 44,553   $ 1,198   $ 154   $ 253   $ —   $ 46,158 Sales from contracts with customers (ASC 606) 3,147   15,652   2,234   6   35   21,074 Net sales to external customers $ 47,700   $ 16,850   $ 2,388   $ 259   $ 35   $ 67,232 F-70 Table of Contents BUNGE GLOBAL SA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
27. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarter (US$ in millions, except per share data) First Second Third Fourth Year 2024 Net sales $ 13,417   $ 13,241   $ 12,908   $ 13,542   $ 53,108 Gross profit 876   664   772   1,081   3,393 Net income 252   73   233   630   1,188 Net income attributable to Bunge shareholders 244   70   221   602   1,137 Earnings per share—basic (1) Net income attributable to Bunge shareholders - basic $ 1.70   $ 0.49   $ 1.57   $ 4.41   $ 8.09 Earnings per share—diluted (1) Net income attributable to Bunge shareholders - diluted $ 1.68   $ 0.48   $ 1.56   $ 4.36   $ 7.99 2023 Net sales $ 15,328   $ 15,049   $ 14,227   $ 14,936   $ 59,540 Gross profit 1,181   1,365   1,045   1,254   4,845 Net income 659   629   389   660   2,337 Net income attributable to Bunge shareholders 632   622   373   616   2,243 Earnings per share—basic (1) Net income attributable to Bunge shareholders - basic $ 4.21   $ 4.13   $ 2.50   $ 4.24   $ 15.07 Earnings per share—diluted (1) Net income attributable to Bunge shareholders - diluted $ 4.15   $ 4.09   $ 2.47   $ 4.18   $ 14.87 (1) Earnings per share attributable to Bunge shareholders for both basic and diluted is computed independently for each period presented. 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. 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. 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. Heckman Chief Executive Officer and Director February 20, 2025 By: /s/ JOHN W. NEPPL John W. Neppl Executive Vice President and Chief Financial Officer February 20, 2025 By: /s/ J. MATT SIMMONS, JR. J. Matt Simmons, Jr. Controller and Principal Accounting Officer February 20, 2025 By: /s/ ELIANE ALEIXO LUSTOSA DE ANDRADE Eliane Aleixo Lustosa de Andrade Director February 20, 2025 By: /s/ SHEILA BAIR Sheila Bair Director February 20, 2025 By: /s/ CAROL M. BROWNER Carol M. Browner Director February 20, 2025 By: /s/ BERNARDO HEES Bernardo Hees Director February 20, 2025 By: /s/ MICHAEL KOBORI Michael Kobori Director February 20, 2025 By: /s/ MONICA MCGURK Monica McGurk Director February 20, 2025 By: /s/ KENNETH SIMRIL Kenneth Simril Director February 20, 2025 By: /s/ HENRY W. WINSHIP Henry W. Winship Director February 20, 2025 By: /s/ MARK N. ZENUK Mark N. Zenuk Director and Chair of the Board of Directors S-2