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.
Operating Results
Factors Affecting Operating Results
Bunge Global SA, a Swiss company, together with its subsidiaries, is a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world. The commodity nature of the Company's principal products, as well as regional and global supply and demand variations that occur as an inherent part of the business, make volumes an important operating measure. Accordingly, information is included in " Segment Overview and Results of Operations " that summarizes certain items in our consolidated statements of income and volumes by reportable segment. The common unit of measure for all reported volumes is metric tons.
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Effective in the third quarter of 2025, we changed our reportable segments to align with our new value chain operational structure as a result of the completion of the Acquisition of Viterra. See Note 26- Segment Information to our consolidated financial statements. We also enhanced our volume reporting to align with our new segment reporting structure and with the Company's primary income-generating activities. Volumes are now reported as follows:
• Soybean Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period.
• Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of softseeds to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period.
• Other Oilseeds Processing and Refining volumes represent sales volumes to third-party customers.
• Grain Merchandising and Milling volumes represent sales volumes to third-party customers.
Further, effective January 1, 2025, Bunge is no longer separately presenting a Sugar and Bioenergy segment, as discussed in Note 26- Segment Information to our consolidated financial statements , nor presenting Core and Non-core segment results.
Corresponding prior period amounts have been recast to conform to the current period presentations described above.
Overview
Profitability in our reportable segments is affected by the availability and market prices of agricultural commodities, including oilseeds and grains, and the availability and costs of energy, transportation, and logistics services. Profitability in our processing and refining operations is also impacted by volumes procured, processed, refined, and sold and by capacity utilization rates. Availability of agricultural commodities is affected by many factors, including weather, farmer planting and selling decisions, plant diseases, governmental policies, and agricultural sector economic conditions.
Demand for our purchased and processed agricultural commodity products is affected by many factors, including global and regional economic and political conditions, changes in per capita income, the financial condition of our customers and their access to credit, worldwide consumption of food products, particularly pork and poultry, population growth rates, relative prices of substitute agricultural products, outbreaks of disease associated with livestock and poultry, and demand for renewable fuels produced from agricultural commodities and commodity products.
We expect that the factors described above will continue to affect global supply and demand for our agricultural commodity products for the foreseeable future. We also expect that, from time to time, imbalances will likely exist between oilseed processing and refining capacity and demand for oilseed products in certain regions, which impacts our decisions regarding whether, when, and where to purchase, store, transport, process, or sell these commodities, including whether to change the location of or adjust our own oilseed processing and refining capacity.
Additionally, price fluctuations and availability of agricultural commodities may cause fluctuations in our working capital, reflected in the level of inventories, accounts receivable, and outstanding borrowings over the course of a given year. For example, increased availability of commodities at harvest times often causes fluctuations in our inventories and borrowings. Increases in agricultural commodity prices will also generally cause our cash flow requirements to increase as our operations require increased use of cash and associated borrowings to acquire inventories and fund daily settlement requirements on exchange-traded futures that we use to hedge our physical inventories.
Soybean Processing and Refining
Our Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. We process soybeans into protein meals and crude and refined vegetable oils and fats, principally for the food, animal feed, and biofuel industries, through a global network of facilities. As described above, Soybean Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, representing the total refined volume during a reporting period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
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Softseed Processing and Refining
Our Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds and softseed related products, as well as biodiesel production and distribution. As described above, Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of softseeds to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Other Oilseeds Processing and Refining
Our Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products. As described above, Other Oilseeds Processing and Refining volumes represent sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Grain Merchandising and Milling
Our Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of certain commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services. As described above, Grain Merchandising and Milling volumes represent sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Viterra Acquisition
On July 2, 2025, we completed our previously announced Acquisition of Viterra. Pursuant to the terms of the business combination agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025 and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra.
This section is inclusive of the results of operations of Viterra from the date of Acquisition, July 2, 2025. As such, the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances discussed throughout this section.
Foreign Currency Exchange Rates
Due to the global nature of our operations, our operating results can be materially impacted by foreign currency exchange rates. Both translation of our foreign subsidiaries' financial statements and foreign currency transactions can affect our results. On a monthly basis, for subsidiaries whose functional currency is a currency other than the U.S. dollar, subsidiary statements of income and cash flows must be translated into U.S. dollars for consolidation purposes based on weighted-average exchange rates in each monthly period. As a result, fluctuations of local currencies compared to the U.S. dollar during each monthly period impact our consolidated statements of income and cash flows for each reported period (per quarter and year-to-date) and also affect comparisons between those reported periods. Subsidiary balance sheets are translated using exchange rates as of the balance sheet date with the resulting translation adjustments reported in our consolidated balance sheets as a component of Accumulated other comprehensive loss.
Additionally, we record transaction gains or losses on monetary assets and liabilities that are not denominated in the functional currency of the entity. These amounts are remeasured into their respective functional currencies at exchange rates as of the balance sheet date, with the resulting gains or losses included in the entity's statement of income and, therefore, in our consolidated statements of income as Foreign exchange (losses) gains - net.
We primarily use a combination of equity and intercompany loans to finance our subsidiaries. Intercompany loans that are of a long-term investment nature with no intention of repayment in the foreseeable future are considered permanently invested and as such are treated as analogous to equity for accounting purposes. As a result, any foreign currency translation gains or losses on such permanently invested intercompany loans are reported in Accumulated other comprehensive loss in our consolidated balance sheets. In contrast, foreign currency translation gains or losses on intercompany loans that are not of a permanent nature are recorded in our consolidated statements of income as Foreign exchange (losses) gains - net.
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Income Taxes
As a Swiss corporation, we are subject to corporate income tax at federal, cantonal, and communal levels on our Swiss income. Qualifying net dividend income and net capital gains on the sale of qualifying investments in subsidiaries are effectively exempt from federal, cantonal, and communal corporate income tax. Consequently, we expect dividends from our subsidiaries and capital gains from sales of investments in our subsidiaries to be exempt from Swiss corporate income tax. In addition, our subsidiaries, which operate in multiple tax jurisdictions, are subject to income taxes at various statutory rates ranging from 0% to 35%. The jurisdictions that significantly impact our effective tax rate are Argentina, Brazil, the Netherlands, Switzerland, and the United States. Determination of taxable income requires the interpretation of related and often complex tax laws and regulations in each jurisdiction in which we operate, and the use of estimates and assumptions regarding future events.
Non-U.S. GAAP Financial Measures
Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate the operating performance of Bunge’s reportable segments and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the EBIT of each of Bunge’s Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments. Total EBIT is the aggregate of the EBIT of Bunge’s reportable segments, together with Corporate and Other activities. Bunge’s management believes Segment EBIT, Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of performance without regard to financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income attributable to Bunge shareholders, the most directly comparable U.S. GAAP financial measure. Further, Total EBIT excludes EBIT attributable to noncontrolling interests and EBIT attributable to discontinued operations and is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Net income attributable to Bunge shareholders to Total EBIT below.
2025 Overview
Net Income Attributable to Bunge Shareholders - For the year ended December 31, 2025, Net income attributable to Bunge shareholders was $816 million, a decrease of $321 million compared to a Net income attributable to Bunge shareholders of $1,137 million for the year ended December 31, 2024. The decrease was primarily due to lower Corporate and Other EBIT as well as higher net interest expense due to increased debt levels to finance the Viterra Acquisition, partially offset by higher Segment EBIT, as further discussed in the Segment Overview and Results of Operations section below, and lower income tax expense as discussed further below.
Net Income Attributable to Bunge Shareholders - Earnings Per Share - Diluted - For the year ended December 31, 2025, Net income attributable to Bunge shareholders - diluted, was $4.91 per share, a decrease of $3.08 per share, compared to $7.99 per share for the year ended December 31, 2024. The decrease is primarily due to lower Net income attributable to Bunge shareholders discussed above, as well as dilution from the issuance of registered shares as part of the Viterra Acquisition.
Total EBIT - For the year ended December 31, 2025, Total EBIT was $1,533 million, a decrease of $259 million compared to Total EBIT of $1,792 million for the year ended December 31, 2024. The decrease in Total EBIT for the year ended December 31, 2025 was primarily due to lower Corporate and Other EBIT, resulting from higher SG&A expense and a reduction in Other income - net due to the settlement of one of the Company’s U.S. defined benefit pension plans, an impairment charge related to certain long-term investments, and the absence of a prior year gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia. This decrease was partially offset by higher Segment EBIT, resulting primarily from higher results in our Soybean Processing and Refining segment and a gain on the sale of Bunge's North America corn milling business recognized in our Grain Merchandising and Milling segment. The Segment Overview and Results of Operations section below provides further details, as well as, a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.
Income Tax Expense - Income tax expense was $288 million for the year ended December 31, 2025 compared to income tax expense of $336 million for the year ended December 31, 2024. The decrease in income tax expense for the year ended December 31, 2025 was primarily due to lower pre-tax income and a net benefit on various outstanding tax matters. See Note 14- Income Taxes to our consolidated financial statements.
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Liquidity and Capital Resources – At December 31, 2025, working capital, which equals Total current assets less Total current liabilities, was $9,264 million, an increase of $741 million, compared to working capital of $8,523 million at December 31, 2024. The increase in working capital was primarily due to higher Inventories, Trade accounts receivables, and Other current assets, partially offset by higher Short-term debt, Trade accounts payable, Other current liabilities, and lower Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below.
Segment Overview and Results of Operations
As described in " Factors Affecting Operating Results" , our operations are organized, managed, and classified into four reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. Reportable operations comprise our Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling reportable segments.
Our remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to our individual reportable segments because the operating performance of each reportable segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities. Corporate and Other also includes historical results of Bunge's previously recognized Sugar and Bioenergy segment as discussed above.
A reconciliation of Net income attributable to Bunge shareholders to Total EBIT follows:
Year Ended
December 31,
(US$ in millions)
Net income attributable to Bunge shareholders
Interest income
Interest expense
Income tax expense
Loss from discontinued operations, net of tax
Noncontrolling interests' share of interest and tax
Total EBIT
Soybean Processing and Refining
Softseed Processing and Refining
Other Oilseeds Processing and Refining
Grain Merchandising and Milling
Segment EBIT
Corporate and Other EBIT
Total EBIT
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Reportable Segments
Soybean Processing and Refining
Year Ended
December 31,
(US$ in millions)
2025 Compared to 2024
% Change
2024 Compared to 2023
% Change
Volumes (in thousand metric tons)
Soybeans processed
Soybeans merchandised
Refined oil production
Net sales
Cost of goods sold
Selling, general and administrative expense
Foreign exchange losses – net
EBIT attributable to noncontrolling interests
Other income – net
Income (loss) from affiliates
Total Soybean Processing and Refining Segment EBIT
2025 Compared to 2024
Soybean Processing and Refining segment Net sales increased 14%, to $36,313 million for the year ended December 31, 2025. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, in addition to overall higher prices in Argentina, which encouraged farmer selling and higher volumes of oilseeds merchandised in our global soybean distribution business. The increases were partially offset by lower prices in almost all other regions driven by relative price stabilization from a more balanced supply environment as well as lower processed volumes in Argentina due to a reduction in third-party tolling activity.
Cost of goods sold increased 13%, to $34,548 million for the year ended December 31, 2025. The net increase was primarily due to higher Net sales, partially offset by a reduction in mark-to-market losses.
Foreign exchange losses - net decreased 73%, to a loss of $35 million for the year ended December 31, 2025. The lower net loss in the current year is primarily the result of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations, partially offset by losses resulting from unfavorable hedging and remeasurement results on monetary assets.
Other income - net decreased 75%, to $27 million for the year ended December 31, 2025. The decrease was primarily due to lower gains in Argentina related to foreign currency positioning compared to the prior year, as well as a $15 million reserve for expected credit losses related to certain loan guarantees for a minority investment in South America.
Income (loss) from affiliates increased 143%, to net income of $22 million for the year ended December 31, 2025. The increase was primarily due to improved results from our portfolio of equity method investments, particularly in South America, and a $19 million nonrecurring impairment charge in the prior period associated with a minority investment in North America.
Segment EBIT increased 40%, to $1,225 million for the year ended December 31, 2025. The net increase was primarily driven by improved results in our South American soybean processing and refining businesses and contributions from the Viterra Acquisition, partially offset by lower results in our North American processing and refining business. In addition, the increase is the result of a reduction in foreign currency losses and income from affiliates in the current period compared to losses from affiliates in the prior period as further described above. The increase was partially offset by the reduction in Other income - net further described above.
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2024 Compared to 2023
Soybean Processing and Refining segment Net sales decreased 12%, to $31,930 million for the year ended December 31, 2024. The decrease was primarily due to lower average sales prices experienced in almost all regions for our global soybean oilseed processing businesses, driven by relative price stabilization due to a more balanced supply and demand environment, in addition to overall lower volumes in our global soybean oilseed processing business. The above decreases were slightly offset by higher volumes in South America resulting from the non-recurrence of the prior year drought in Argentina and higher volumes of oilseeds merchandised in our global soybean origination business.
Cost of goods sold decreased 9%, to $30,516 million for the year ended December 31, 2024. The net decrease was primarily due to lower Net sales as described above. The decrease was partially offset by unfavorable mark-to-market results compared to the prior year.
Foreign exchange losses - net increased 313%, to a loss of $128 million for the year ended December 31, 2024. The net loss in 2024 was primarily the result of the impact of a stronger U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations. The 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.
EBIT attributable to noncontrolling interests, an expense when subsidiaries with noncontrolling interests generate earnings before interest and tax, versus income when subsidiaries with noncontrolling interests generate loss before interest and tax, decreased 89%, to an expense of $8 million for the year ended December 31, 2024. The decrease was due to less favorable results recognized by our less than wholly-owned subsidiary, Bunge Chevron Ag Renewables LLC.
Other income - net increased 108%, to income of $110 million for the year ended December 31, 2024. The increase was primarily due to gains in Argentina related to foreign currency positioning.
Income (loss) from affiliates decreased 467%, to a net loss of $51 million for the year ended December 31, 2024. The decrease was primarily due to unfavorable results from equity method investments in South America, as well as a $19 million impairment charge associated with a minority investment in North America.
Segment EBIT decreased 61%, to $872 million for the year ended December 31, 2024. The net decrease was primarily due to lower results across all businesses and regions, foreign exchange losses, and impairment charges incurred in the current year, as described above. This decrease was partially offset by an increase in Other income - net as highlighted above.
Softseed Processing and Refining
Year Ended
December 31,
(US$ in millions)
2025 Compared to 2024
% Change
2024 Compared to 2023
% Change
Volumes (in thousand metric tons)
Softseeds processed
Softseeds merchandised
Refined oil production
Net sales
Cost of goods sold
Selling, general and administrative expense
Foreign exchange gains (losses) – net
EBIT attributable to noncontrolling interests
Other expense – net
(Loss) income from affiliates
Total Softseed Processing and Refining Segment EBIT
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2025 Compared to 2024
Softseed Processing and Refining segment Net sales increased 62%, to $11,252 million for the year ended December 31, 2025. The increase was primarily due to Net Sales contributions from the Viterra Acquisition, in addition to higher average sales prices in our European business resulting from a drought in the region impacting the sunflower seed crop in the current year and higher prices in our global softseed distribution business. The above increases were partially offset by lower volumes for both oilseeds processed and oilseeds merchandised across all our legacy business.
Cost of goods sold increased 73%, to $10,575 million for the year ended December 31, 2025. The increase in Cost of goods sold was primarily due to higher Net sales as well as unfavorable mark-to-market results. In addition, the prior year included insurance recoveries for damaged property and business interruption related to our Ukrainian operations as a result of the Ukraine-Russia war.
Foreign exchange gains (losses) - net increased 393% to a gain of $79 million for the year ended December 31, 2025. The net gain in the current year is primarily the result of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. functional currency operations and net remeasurement gains on net monetary liabilities, excluding the impacts of loan payables described above, as a result of U.S. dollar exposure in non-U.S dollar functional currency operations.
Segment EBIT decreased 21%, to $521 million for the year ended December 31, 2025. The net decrease was primarily due to lower results in our legacy European and North American businesses, partially offset by the contribution from the Acquisition of Viterra as well as foreign currency gains as described above.
2024 Compared to 2023
Softseed Processing and Refining segment Net sales decreased 10%, to $6,951 million for the year ended December 31, 2024. The decrease was primarily due to lower average sales prices experienced in all regions, driven by relative price stabilization due to a more balanced supply and demand environment. The decrease was 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 European softseed business primarily driven from increased activity at our Ukrainian facilities.
Cost of goods sold decreased 7%, to $6,097 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 and the non-recurrence of a prior year fixed asset impairment charge in North America. The decrease was also attributable to $1 million in insurance recoveries, related to certain previously damaged property, as well as a business interruption insurance recovery of $46 million related to our Ukrainian operations as a result of the Ukraine-Russia war, both of which were recognized in 2024. The decrease was partially offset by less favorable mark-to-market results in 2024 as well as the absence of mark-to-market gains from the recovery of inventory in Ukraine recognized in 2023.
Foreign exchange gains (losses) - net decreased 187%, to a loss of $27 million for the year ended December 31, 2024. The net loss in the current year was 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.
Segment EBIT decreased 38%, to $663 million for the year ended December 31, 2024. The decrease was primarily due to lower results in all businesses and regions, as well as foreign exchange losses.
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Other Oilseeds Processing and Refining
Year Ended
December 31,
(US$ in millions)
2025 Compared to 2024
% Change
2024 Compared to 2023
% Change
Volumes (in thousand metric tons)
Net sales
Cost of goods sold
Selling, general and administrative expense
Foreign exchange (losses) gains – net
EBIT attributable to noncontrolling interests
Other expense – net
Income (loss) from affiliates
Total Other Oilseeds Processing and Refining Segment EBIT
2025 Compared to 2024
Other Oilseeds Processing and Refining segment Net sales increased 12%, to $4,633 million for the year ended December 31, 2025. The increase was primarily due to higher sales prices in our tropical oils business due to stronger demand resulting from global biofuel mandates and import tariffs, partially offset by lower volumes.
Cost of goods sold increased 18%, to $4,256 million for the year ended December 31, 2025. The increase was primarily due to higher net sales in addition to unfavorable mark-to-market results.
EBIT attributable to noncontrolling interests, an expense when subsidiaries with noncontrolling interests generate earnings before interest and tax, versus income when subsidiaries with noncontrolling interests generate loss before interest and tax, decreased 61% to expense of $13 million resulting from less favorable results attributable to noncontrolling interests in our Loders joint venture primarily due to lower results in the Europe region from the competitive market environment.
Segment EBIT decreased 45%, to $118 million for the year ended December 31, 2025. The decrease was primarily due to lower results in our tropical oils business in addition to a decrease in EBIT attributable to noncontrolling interests, as described above.
2024 Compared to 2023
Other Oilseeds Processing and Refining segment Net sales decreased 2%, to $4,151 million for the year ended December 31, 2024. The decrease is due to lower sales prices in our tropical oils business, driven by a more balanced supply and demand environment and uncertainty related to U.S. biofuel policies. The decrease was 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 full year impact and higher capacity utilization at our refinery in Avondale, Louisiana.
Cost of goods sold decreased 6%, to $3,613 million for the year ended December 31, 2024. The decrease in Cost of goods sold was primarily due to lower prices, as described in Net sales above, in addition to more favorable mark-to-market results.
SG&A expenses decreased 9%, to $254 million for the year ended December 31, 2024. The decrease was primarily driven by the lack of recurring prior year accelerated amortization charges, related to the discontinuance of the Loders Croklaan trademark.
Segment EBIT increased 130%, to $216 million for the year ended December 31, 2024. The increase was primarily due to higher results in our tropical oils business as well as lower SG&A expenses as highlighted above. The increase was partially offset by unfavorable Foreign exchange (losses) gains - net, primarily driven by the devaluation of the Egyptian pound in the first quarter of 2024.
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Grain Merchandising and Milling
Year Ended
December 31,
(US$ in millions)
2025 Compared to 2024
% Change
2024 Compared to 2023
% Change
Volumes (in thousand metric tons)
Net sales
Cost of goods sold
Selling, general and administrative expense
Foreign exchange (losses) gains – net
EBIT attributable to noncontrolling interests
Other income – net
Income (loss) from affiliates
Total Grain Merchandising and Milling Segment EBIT
2025 Compared to 2024
Grain Merchandising and Milling segment Net sales increased 80%, to $18,128 million for the year ended December 31, 2025. The increase was primarily due to Net sales contributions from the Viterra Acquisition, in addition to higher sales prices and volumes in our global corn business, as well as higher volumes in our global wheat business as a result of higher demand across various regions for both businesses. The increase was partially offset by lower average sales prices in our global wheat business, in addition to the lack of recurring sales from our North American corn milling business that was divested in the second quarter of 2025 (see Note 2- Acquisitions and Dispositions to our consolidated financial statements).
Cost of goods sold increased 85%, to $17,520 million for the year ended December 31, 2025. The increase in Cost of goods sold was primarily due to higher Net Sales in addition to unfavorable mark-to-market results. In addition, the prior year included insurance recoveries for damaged property and business interruption related to our Ukrainian operations as a result of the Ukraine-Russia war.
Selling, general and administrative expenses increased 50% to $391 million for the year ended December 31, 2025. The increase was primarily due to the Viterra Acquisition.
Other income - net increased 309% to a gain of $331 million for the year ended December 31, 2025. The increase was primarily due to a $155 million gain on the sale of Bunge's North America corn milling business in the second quarter of 2025, in addition to gains in Argentina related to foreign currency positioning.
Segment EBIT increased 14%, to $465 million for the year ended December 31, 2025. The increase was primarily due to higher Other income - net, as described above, partially offset by higher Selling, general and administrative expense and lower results from our ocean freight and financial services businesses.
2024 Compared to 2023
Grain Merchandising and Milling segment Net sales decreased 12%, to $10,073 million for the year ended December 31, 2024. The decrease was primarily due to lower average sales prices in our global corn and wheat businesses as well as all businesses in our milling operations, in addition to lower volumes in our global wheat business. The decrease was partially offset by an increase in volumes in our global corn business, primarily due to fewer supply constraints compared to the prior period.
Cost of goods sold decreased 13%, to $9,458 million for the year ended December 31, 2024. The decrease was primarily due to lower Net sales as described above, as well as favorable mark-to-market results in 2024. The decrease was also attributable to $5 million in insurance recoveries, related to certain previously damaged property, as well as a business interruption insurance recovery of $6 million related to our Ukrainian operations as a result of the Ukraine-Russia war, both of which were recognized in 2024. The decrease was partially offset by the lack of mark-to-market gains from the recovery of inventory in Ukraine recognized in 2023.
Other income - net increased 145%, to $81 million for the year ended December 31, 2024. The increase was primarily due to gains in Argentina related to foreign currency positioning.
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Segment EBIT increased 36%, to $408 million for the year ended December 31, 2024. The increase was primarily due to more favorable results in our ocean freight business.
Corporate and Other
Year Ended
December 31,
(US$ in millions)
2025 Compared to 2024
% Change
2024 Compared to 2023
% Change
Net sales
Cost of goods sold
Selling, general and administrative expense
Foreign exchange (losses) gains — net
EBIT attributable to noncontrolling interests
Other (expense) income — net
(Loss) income from affiliates
Total Corporate and Other EBIT
2025 Compared to 2024
Corporate and Other EBIT decreased 117%, to a loss of $796 million for the year ended December 31, 2025. The decrease was primarily attributable to a $118 million loss recorded in Other (expense) income - net, related to the settlement of one of the Company’s US defined benefit pension plans and a $30 million impairment charge recorded in Other (expense) income - net, related to certain long-term investments held in Other non-current assets. The decrease was further attributable to the absence of a $195 million prior year gain on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other (expense) income - net. See Note 2- Acquisitions and Dispositions in the consolidated financial statements for further details regarding the Company's disposition of BP Bunge Bioenergia.
In addition, the decrease was attributable to an increase in SG&A expense resulting from the Acquisition of Viterra, partially offset by overall lower acquisition and integration costs associated with the Viterra Acquisition. The company recognized acquisition and integration costs within Corporate and Other EBIT of $223 million, and $244 million for the years ended December 31, 2025, and 2024, respectively.
2024 Compared to 2023
Corporate and Other EBIT decreased 3%, to a loss of $367 million for the year ended December 31, 2024. The decrease was primarily driven by a decrease in Income from affiliates and an increase in SG&A expense. The decrease in Income from affiliates was the result of less favorable results from Bunge's 50% ownership share in BP Bunge Bioenergia in 2024 compared to 2023, primarily resulting from a tax valuation allowance release in 2023, foreign exchange losses on U.S. dollar denominated debt in 2024, and lower margins in 2024. The increase in SG&A expense was the result of increased acquisition and integration costs associated with the Acquisition of Viterra. The company recognized acquisition and integration costs within Corporate and Other EBIT of $244 million, and $114 million for the years ended December 31, 2024, and 2023, respectively.
The EBIT decrease was partially offset by a $195 million gain, in 2024, on the sale of Bunge's 50% ownership share in BP Bunge Bioenergia, recorded in Other (expense) income – net, and 2023 impairment charges of $20 million, reported in Other (expense) income - net, related to a long-term investment and $16 million, reported in (Loss) income from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients. See Note 2- Acquisitions and Dispositions in the consolidated financial statements for further details regarding the Company's disposition of BP Bunge Bioenergia.
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Interest —A summary of consolidated interest income and expense follows:
Year Ended
December 31,
(US$ in millions)
2025 Compared to 2024
% Change
2024 Compared to 2023
% Change
Interest income
Interest expense
2025 Compared to 2024
Interest income increased 24%, to $202 million for the year ended December 31, 2025. Interest expense increased 33%, to $628 million for the year ended December 31, 2025. Higher interest income is the result of higher average balances in cash and cash equivalents in the first half of the current year as well as higher balances in marketable securities and other short-term investments related to funding strategies in Argentina in the current year. Higher interest expense is the result of higher debt levels to finance the Viterra Acquisition.
2024 Compared to 2023
Interest income increased 10%, to $163 million for the year ended December 31, 2024. Interest expense decreased 9%, to $471 million for the year ended December 31, 2024. Higher interest income is the result of higher balances in cash and cash equivalents for the year ended December 31, 2024. Lower interest expense is the result of lower interest rates.
Liquidity and Capital Resources
Our main financial objectives are to prudently manage financial risks, ensure consistent access to liquidity, and minimize cost of capital in order to efficiently finance our business and maintain balance sheet strength. We generally finance our ongoing operations with cash flows generated from operations, issuances of commercial paper, borrowings under various bilateral and syndicated revolving credit facilities, term loans, and proceeds from the issuance of senior notes. Acquisitions and long-lived assets are generally financed with a combination of equity and long-term debt.
Working Capital
As of December 31,
(US$ in millions, except current ratio)
Cash and cash equivalents
Trade accounts receivable, net
Inventories
Other current assets (1)
Total current assets
Short-term debt
Current portion of long-term debt
Trade accounts payable
Current operating lease obligations
Other current liabilities (2)
Total current liabilities
Working capital (3)
Current ratio (3)
(1) Comprises Time deposits under trade structured finance program, Assets held for sale and Other current assets.
(2) Comprises Letter of credit obligations under trade structured finance program, Liabilities held for sale and Other current liabilities.
(3) Working capital is defined as Total current assets less Total current liabilities; Current ratio represents Total current assets divided by Total current liabilities.
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Working capital was $9,264 million at December 31, 2025, an increase of $741 million from working capital of $8,523 million at December 31, 2024.
Cash and Cash Equivalents - Cash and cash equivalents were $1,135 million at December 31, 2025, a decrease of $2,176 million from $3,311 million at December 31, 2024. 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, 2025.
Trade accounts receivable, net - Trade accounts receivable, net were $3,870 million at December 31, 2025, an increase of $1,722 million from $2,148 million at December 31, 2024. The increase was primarily due to an increase of receivables outstanding as of December 31, 2025 from the Acquisition of Viterra and increased Net sales in the current period driven by factors described in the Segment Overview and Results of Operations section above.
Inventories - Inventories were $13,198 million at December 31, 2025, an increase of $6,707 million from $6,491 million at December 31, 2024. The increase was primarily due to increased inventory balances from the Acquisition of Viterra. In addition, the increase was due to higher volumes as well as slightly higher prices on certain commodities.
Readily marketable inventories ("RMI") comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, softseeds, softseed oil, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value were $11,361 million and $5,224 million at December 31, 2025 and 2024 , respectively (see Note 5- Inventories, to our consolidated financial statements).
Other current assets - Other current assets were $6,188 million at December 31, 2025, an increase of $2,180 million from $4,008 million at December 31, 2024. The increase is primarily due to an increase of Other current assets as of December 31, 2025 from the Acquisition of Viterra. In addition, the increase was also attributable to an increase in secured advances to suppliers, net as improved market conditions in Brazil have led to an increase in new advances in the current period, an increase in marketable securities and other short term investments as a result of strategic investment opportunities in South America, higher assets held for sale related to our European margarines and spreads business (see Note 2- Acquisitions and Dispositions to our consolidated financial statements), and an increase in margin deposits. These increases were partially offset by lower unrealized gains on derivative contracts as a result of volatile commodity prices, the collection of an insurance recovery receivable related to the business interruption resulting from the Ukraine-Russia war (see Note 6- Other Current Assets to our consolidated financial statements), and a decrease in disposition receivable reflecting the collection of a deferred payment in connection with the sale of BP Bunge Bioenergia, partially offset by the recognition of a disposition receivable in connection with the sale of 40% of our interest in BISA, our Spanish operating subsidiary (see Note 2- Acquisitions and Dispositions to our consolidated financial statements).
Short-term debt - Short-term debt, including the Current portion of long-term debt, was $5,220 million at December 31, 2025, an increase of $3,676 million from $1,544 million at December 31, 2024. The higher Short-term debt level at December 31, 2025 compared to December 31, 2024 is primarily due to increased borrowings under one of our revolving credit facilities, the commercial paper program, and increased borrowings by operating companies on local bank facilities to fund working capital requirements, which includes additional Short-term debt outstanding as of December 31, 2025 from the Acquisition of Viterra. In addition, increased short-term debt levels resulted from an increase in the Current portion of long-term debt associated with two tranches of senior notes maturing in 2026, partially offset by the repayment of $600 million senior notes which matured in the current period.
Trade accounts payable - Trade accounts payable were $4,881 million at December 31, 2025, an increase of $2,104 million from $2,777 million at December 31, 2024. The increase in Trade accounts payable was primarily due to an increase in payables outstanding as of December 31, 2025 from the Acquisition of Viterra, higher inventory volumes, and slightly higher prices on certain commodities.
Other current liabilities - Other current liabilities were $4,527 million at December 31, 2025, an increase of $1,699 million from $2,828 million at December 31, 2024. The increase was primarily due to an increase of Other current liabilities outstanding as of December 31, 2025 from the Acquisition of Viterra. In addition, the increase is due to higher dividends payable (see Note 22- Equity to our consolidated financial statements), higher liabilities held for sale related to our European margarines and spreads business (see Note 2- Acquisitions and Dispositions to our consolidated financial statements), and contingent consideration related to our acquisition of ViOil (see Note 2- Acquisitions and Dispositions to our consolidated financial statements).
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Debt
As highlighted in Note 17- Debt and discussed further below, we utilize a variety of debt financing structures to maintain financial flexibility to meet our various financial objectives.
Revolving Credit Facilities —At December 31, 2025, we had $9,065 million unused and available committed borrowing capacity comprising committed revolving credit facilities. The following table summarizes these facilities for the years presented:
Committed
Capacity
Borrowings
Outstanding
Revolving Credit Facilities (1)
Maturities
December 31, 2025
December 31, 2025
December 31, 2024
$1.1 Billion 364-day Revolving Credit Agreement
$3.5 Billion Revolving Facility Agreement
$4.2 Billion Revolving Credit Agreement
$865 Million Revolving Credit Agreement
Total Revolving Credit Facilities
(1) See Note 17- Debt for further information on these programs.
Commercial Paper Program - The following table summarizes the facility as of the periods presented:
(US$ in millions)
Program
Capacity
Borrowings Outstanding
Commercial Paper Program (1)
December 31, 2025
December 31, 2025
December 31, 2024
$3 Billion Commercial Paper Program
(1) The short-term credit ratings of the commercial paper program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding.
Short and long-term debt —
As of December 31,
US$ in millions
Short-term debt
Long-term debt, including current portion
Total debt
Year Ended December 31,
Average total debt outstanding
Our total debt increased by $7,813 million to $14,051 million at December 31, 2025, from $6,238 million at December 31, 2024, primarily due to an increase in short-term borrowings as described above and an increase in long-term debt, including current portion, resulting from the issuance of two tranches of senior notes for an aggregate principle amount of $1.3 billion in August 2025 and borrowings outstanding of $1.3 billion on term loans due in 2028 drawn in June 2025 to finance the Viterra Acquisition. In addition, in the third quarter of 2025, Bunge completed exchange offers which resulted in exchanging $1.92 billion of existing senior notes of Viterra for new notes issued by Bunge Limited Finance Corp ("BLFC"), a wholly owned finance subsidiary of Bunge, and completed the European consent solicitation to become the issuer and guarantor of a 700 million Euro aggregate principal amount of 1.000% senior unsecured note due 2028 originally issued by Viterra. These increases were partially offset by the repayment of $600 million senior notes which matured in the current period. See Note 17- Debt to our consolidated financial statements for further information.
From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. At December 31, 2025, there were $900 million of borrowings outstanding under these bilateral short-term credit lines, compared
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to no borrowing outstanding at December 31, 2024. The increase in the current period is primarily to support working capital requirements as a result of the Acquisition of Viterra.
In addition, Bunge's operating companies had $2,083 million and $875 million in short-term borrowings outstanding from local bank lines of credit at December 31, 2025, and 2024, respectively, to support working capital requirements.
Registered Senior Notes — BLFC had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at December 31, 2025.
(US$ in millions)
Aggregate Principal Amount Outstanding
Balance Outstanding
2.00% Senior Notes due 2026
3.25% Senior Notes due 2026
4.90% Senior Notes due 2027
3.75% Senior Notes due 2027
4.10% Senior Notes due 2028
4.20% Senior Notes due 2029
4.55% Senior Notes due 2030
3.20% Senior Notes due 2031
2.75% Senior Notes due 2031
5.25% Senior Notes due 2032
4.65% Senior Notes due 2034
5.15% Senior Notes due 2035
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, 2025 were as follows:
Short-term Debt (1)
Long-term Debt
Outlook
Standard & Poor's
Stable
Moody's
Baa1
Stable
Fitch
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, all three rating agencies reviewed our credit ratings and published updated credit opinions on us, reflecting their views of the credit profile of the Company both on a standalone basis, and a pro-forma at closing basis. Recent rating agency actions include the following:
• Standard & Poor's upgraded Bunge’s credit rating to A- on July 2, 2025 and removed CreditWatch Positive outlook and assigned a Stable outlook;
• Standard & Poor's also assigned a A- issue-level rating to Bunge's outstanding $1 billion unsecured term loan due 2028 and Bunge's previously issued $2 billion Senior Notes;
• Moody’s upgraded Bunge’s long-term debt credit rating to Baa1 on August 1, 2024 with stable outlook; and affirmed the rating on July 28, 2025.
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• Fitch upgraded Bunge’s long-term debt credit rating to BBB+ on September 5, 2024 with stable outlook; and affirmed the rating on July 2, 2025.
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, 2025.
Trade Receivable Securitization Program
Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers"). The Program is designed to enhance our financial flexibility by providing an additional source of liquidity for our operations. As referenced in Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program , the aggregate size of the program is $1.5 billion, with an accordion feature of $1 billion. The Program terminates on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on December 15, 2026, with a feature that permits us to request 364-day extensions.
Under the Program's pledge structure, Bunge Securitization B.V. ("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to the aggregate size of the Program. Bunge also retains ownership of a population of unsold receivables. BSBV agrees to guarantee the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in our consolidated statements of cash flows. Bunge’s risk of loss following the sale of the trade receivables is substantially the same and limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.
Interest Rate Swap Agreements
We may use interest rate swaps in hedge accounting relationships and record the swaps at fair value in the consolidated balance sheets with changes in fair value recorded contemporaneously in earnings. Additionally, the carrying amount of the associated debt is adjusted through earnings for changes in fair value due to changes in benchmark interest rates. See Note 16- Derivative Instruments and Hedging Activities to our consolidated financial statements.
Equity
Total equity is set forth in the following table:
December 31,
(US$ in millions)
Registered shares
Additional paid-in capital (1)
Retained earnings
Accumulated other comprehensive loss
Treasury shares, at cost (2025—15,103,107 and 2024—21,318,307) (1)
Total Bunge shareholders' equity
Noncontrolling interests
Total equity
(1) In the fourth quarters of 2025 and 2024, Bunge Global SA cancelled 12,382,610 and 6,146,930 shares held in treasury totaling $1,045 million and $572 million, respectively. See Note 22- Equity to our consolidated financial statements.
Total Bunge shareholders' equity was $15,904 million at December 31, 2025 compared to $9,913 million at December 31, 2024. The increase was primarily due to Bunge stock issued as consideration in the Acquisition of Viterra of $5,340 million, $816 million of Net income attributable to Bunge shareholders, $567 million of income in Accumulated other comprehensive loss resulting from favorable foreign exchange translation adjustments, and a $240 million increase resulting
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from the sale of a redeemable noncontrolling interest in our Spanish operating subsidiary (see Note 2- Acquisitions and Dispositions to our consolidated financial statements) impacting both Additional paid-in capital and Accumulated other comprehensive loss. These increases were partially offset by share repurchases of $551 million and $502 million of declared dividends to shareholders, as described in Note 22- Equity to our consolidated financial statements.
Noncontrolling interests increased to $1,465 million at December 31, 2025 from $1,032 million at December 31, 2024 primarily due to acquired Noncontrolling interests of $441 million from the Acquisition of Viterra, $34 million of income from favorable foreign exchange translations adjustments in Accumulated other comprehensive loss, $24 million of Net income attributable to noncontrolling interests, and $32 million of contributions from noncontrolling interests. These increases were partially offset by an $89 million reduction on the acquisition of noncontrolling interest in Terminal de Granéis de Santa Catarina ("TGSC") (see Note 11- Investments in Affiliates and Variable Interest Entities to our consolidated financial statements).
Share repurchase program - As noted in Note 22- Equity, on November 13, 2024, Bunge Global SA's Board approved the expansion of an existing share repurchase program by an additional $500 million bringing total authorizations under the program since inception to $2.7 billion. The program continues to have an indefinite term. As of December 31, 2025, a total of 26,417,080 shares were repurchased under the program for $2.5 billion with an aggregate purchase authorization of approximately $249 million remaining outstanding for repurchases under the program. During the twelve months ended December 31, 2025, Bunge repurchased 6,749,341 shares for $551 million.
Cash Flows
Year ended December 31,
(US$ in millions)
Cash provided by operating activities
Cash used for investing activities
Cash provided by (used for) financing activities
Effect of exchange rate changes on cash and cash equivalents and restricted cash
Net (decrease) increase in cash and cash equivalents and restricted cash
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.
2025 Compared to 2024
For the year ended December 31, 2025, our cash and cash equivalents and restricted cash decreased $2,162 million, compared to an increase of $705 million for the year ended December 31, 2024.
Operating: Cash provided by operating activities was $844 million for the year ended December 31, 2025, compared to $1,900 million for the year ended December 31, 2024, a decrease of $1,056 million. The decrease was primarily due to lower reported net income during the year ended December 31, 2025 compared to the year ended December 31, 2024 as discussed in the Segment Overview and Results of Operations section above as well as an overall reduction to net changes in working capital driven by the drivers discussed in Working Capital section above.
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, 2025, we recorded a foreign currency gain on net debt of $216 million largely due to the strengthening of the Brazilian real in the current year versus a foreign currency loss on net debt for the year ended December 31, 2024 of $174 million, which were included as adjustments to reconcile Net income to Cash provided by operating activities in the line item "Foreign exchange (gain) loss on net debt" in our consolidated statements of cash flows. 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.
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Investing: Cash used for investing activities was $5,227 million for the year ended December 31, 2025 compared to $1,114 million for the year ended December 31, 2024, an increase of $4,113 million. The increase was primarily due to cash payments for the Acquisition of Viterra, net of cash acquired, of $4,116 million in addition to payments for the acquisition of ViOil, as well as higher payments for investments, as a result of certain cash deployment strategies in Argentina, lower proceeds in the current year compared to the prior year from the sale of our investment in affiliate, BP Bunge Bioenergia, and higher spend on capital projects. The increase was partially offset by the current period receipts of $470 million in proceeds from the sale of Bunge's corn milling business in North America and $457 million, net of cash, related to the EU Oilseeds divestment, both as further described in Note 2- Acquisitions and Dispositions to our consolidated financial statements, as well as higher proceeds from investments, due to the cash deployment strategies described above.
Financing: Cash provided by financing activities was $2,229 million for the year ended December 31, 2025 compared to cash used for financing activities of $90 million for the year ended December 31, 2024, an increase of $2,319 million. The increase was primarily due to an increase in net cash proceeds of short and long-term debt of $1,679 million resulting from our use of our revolving credit facilities, the commercial paper program, and draws on long term debt facilities to both fund the Acquisition of Viterra, as well as for current and future working capital requirements. Additionally, the increase was due to $206 million in proceeds received from the sale of redeemable noncontrolling interest related to our Spanish operating subsidiary (see Note 2- Acquisitions and Dispositions to our consolidated financial statements) in addition to less cash used for share repurchases in the current period compared to the prior period. These increases were partially offset by higher cash dividends and an $18 million payment for the acquisition of noncontrolling interest in TGSC (see Note 11- Investments in Affiliates and Variable Interest Entities to our consolidated financial statements).
For a comparison of cash flows for the fiscal years ended December 31, 2024 and 2023, 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, 2024, filed with the SEC on February 20, 2025.
Capital Expenditures
Our cash payments made for capital expenditures were $1,723 million and $1,376 million for the years ended December 31, 2025 and 2024, respectively. The increase in capital expenditures compared to the prior year was primarily due to higher spend on capital projects in North America and additional spend as a result of the Acquisition of Viterra. We intend to make capital expenditures in the range of $1.5 billion to $1.7 billion in 2026. Our priorities for 2026 are to maintain the cash generating capacity of our assets through non-discretionary projects, such as maintenance, safety and compliance, as well as discretionary investments in growth and productivity projects, focusing on our strategy to strengthen our oilseeds platform, increase participation in biofuels and plant-based proteins, and grow our value-added oils business. These discretionary and non-discretionary capital investments will also help us achieve certain of our environmental and sustainability related objectives. We intend to fund these capital expenditures primarily with cash flows from operations and cash on hand.
Off-Balance Sheet Arrangements
Guarantees and Indemnifications
Please refer to Note 20- Commitments and Contingencies to our consolidated financial statements included as part of this Annual Report on Form 10-K for details concerning our off-balance sheet arrangements related to guarantees and indemnifications.
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Contractual Obligations
The following table summarizes our scheduled contractual obligations and their expected maturities at December 31, 2025, and the effect such obligations are expected to have on our liquidity and cash flows in the future periods indicated.
Payments due by period
(US$ in millions)
Total
2031 and thereafter
Short-term debt
Long-term debt, including current portion (1)
Variable interest rate obligations
Interest obligations on fixed rate debt
Non-cancelable lease obligations (2)
Capital commitments
Freight supply agreements (3)
Inventory purchase commitments
Power supply purchase commitments
Other commitments and obligations (4)
Total contractual cash obligations (5)
(1) Includes components of long-term debt attributable to unamortized premiums of $116 million and excludes components of long-term debt attributable to fair value hedge accounting of $128 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 $73 million due in future periods under non-cancelable subleases.
(3) Represents purchase commitments for voyage and 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, 2025, Bunge had uncertain income tax liabilities of $77 million, including interest and penalties. At this time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities; therefore, such amounts are not included in the above contractual obligations table. See Note 14- Income Taxes to our consolidated financial statements.
Employee Benefit Plans
We expect to contribute $19 million to our defined benefit pension plans and $6 million to our postretirement benefit plans in 2026. In the fourth quarter of 2025, we settled the U.S. Pension Plan through a lump sum buyout and conversion of a previously acquired third-party insurance buy-in contract to a buy-out arrangement. In connection with the settlement, the Company realized a pre-tax settlement loss of $118 million within Other income - net on the consolidated statements of income, comprising a $6 million settlement of the related defined benefit plan obligations, as well as the reclassification of $124 million from Accumulated other comprehensive loss. See Note 18- Employee Benefit Plans for further information.
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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 judgments or estimates in their application that may significantly affect reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. 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, 2025). 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.
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Derivatives - Designated Hedging Activities
We manage currency risk on certain forecasted purchases, sales and selling, general and administrative expenses with currency forwards designated as cash flow hedges a nd we utilize cross-currency swaps to manage currency risk on foreign currency-denominated debt . Assuming normal market conditions, the change in the market value of such derivative instruments has historically been, and is expected to continue to be, highly effective at offsetting changes in the cash flows of the hedged item attributable to changes in currency exchange rates. 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 cash flows of the hedged item attributable to changes in currency exchange rates, then the changes in the market value of the derivative instrument would be recorded immediately in the consolidated statements of income in the same caption as the hedged items. 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.
Business Combinations
We account for business combinations under the acquisition method of accounting, which requires consideration transferred to be allocated to the assets acquired and liabilities assumed at their respective fair value at the date of the acquisition. The excess of the consideration transferred over the fair value of the identifiable assets acquired and the liabilities assumed is recorded as goodwill.
We use various valuation methods to estimate the acquisition date fair value depending on the nature of the underlying asset or liability, including the income approach, market approach, and cost approach. For example, to determine the fair value of Property, plant, and equipment acquired as part of the Viterra Acquisition, we primarily utilized the cost approach, including replacement cost and trended cost methodologies.
Determining fair value requires significant estimates and assumptions based on an evaluation of a number of factors, including market participants, projected growth rates, replacement cost, the amounts and timing of future cash flows, the discount rates applied to the cash flows, and the determination of useful life of an asset. For significant acquisitions, including the Viterra Acquisition in the current year, we engage third-party valuation specialists to assist in estimating the fair value of certain assets acquired and liabilities assumed.
During the measurement period, which is up to one year from the acquisition date, adjustments may be made to the preliminary amounts recorded at the acquisition date, with the corresponding offset recorded to goodwill. Measurement period adjustments will be recorded in the period determined, as if it had been completed at the acquisition date. Upon conclusion of the measurement period, any subsequent adjustments are recorded to earnings. As of December 31, 2025, the measurement period is ongoing for the Viterra Acquisition. See Note 2- Acquisitions and Dispositions to our consolidated financial statements for further information on current year acquisitions.
Goodwill
G oodwill represents the excess consideration over the fair value assigned to identifiable assets and liabilities, including intangible assets, of a business acquired. 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, from an income approach using a discounted cash flow ("DCF") method and/or a market approach using a guideline public companies ("GPC") method. 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. We believe the assumptions and estimates used are appropriate based on the information currently available to management. Critical estimates in the determination of fair value
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under the income approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, gross profit, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment. Critical estimates in the determination of fair value under the market approach include, but are not limited to, determination of the guideline public companies and selection of the market multiples. Changes in judgment related to these assumptions and estimates could result in goodwill impairment charges.
In connection with the Acquisition of Viterra, the Company updated its segment reporting to align with its new value chain operational structure, resulting in changes to our reporting units. The results of our annual impairment assessment, performed on October 1, 2025, indicated that the estimated fair values of each of our goodwill reporting units exceeded each of their carrying values by a substantial amount, with the exception of Grain Merchandising and Global Cotton, which exceeded their carrying values by approximately 9% and by approximately 15%, respectively. As of December 31, 2025, we had $593 million and $47 million of goodwill in our Grain Merchandising reporting unit and Global Cotton reporting unit, respectively. See Note 8- Goodwill, to our consolidated financial statements.
The Grain Merchandising and Global Cotton reporting units are both included within our Grain Merchandising and Milling reportable segment and include assets acquired and liabilities assumed as part of the Viterra Acquisition. The Viterra Acquisition was accounted for as a business combination using the acquisition method of accounting that requires assets acquired and liabilities assumed to be recognized at fair value as of the date of the transaction close. See Note 2- Acquisitions and Dispositions to our consolidated financial statements for further information. The close proximity of the Acquisition date to the 2025 goodwill impairment test contributed in part to the ratios of excess fair value over carrying value noted above.
Grain Merchandising : During the fourth quarter of 2025, we performed our annual impairment assessment of the Grain Merchandising reporting unit using both a DCF method and a GPC method, giving equal weight to each. We determined equal weight was appropriate as the DCF method captured the growth and gross profit expectations specific to the reporting unit; whereas the GPC method captured market-specific factors using a reasonably similar set of guideline public companies.
In addition to the impact of the Viterra Acquisition noted above, general market downturns and higher interest rates negatively impacted the fair value of the Grain Merchandising reporting unit. The fair value estimates for this reporting unit are sensitive to significant assumptions, including crop and related throughput volumes, gross profit, and discount rate.
Global Cotton : During the fourth quarter of 2025, we performed our annual impairment assessment of the Global Cotton reporting unit using a DCF method. We determined a full weighting of the DCF method was appropriate primarily driven by the lack of available guideline public companies from which to compare relevant market data. The fair value estimates for this reporting unit are sensitive to significant assumptions, including crop and related throughput volumes, gross profit, and discount rate.
While management believes its estimates of fair value for all reporting units are reasonable, actual financial results may vary due to the inherent uncertainty in such estimations. Changes in future estimates or performance could result in the carrying value of a reporting unit exceeding its fair value.
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.
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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 events 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. 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. For additional information on indemnifications, see Note 20- Commitments and Contingencies to our consolidated financial statements.
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 2025, we increased valuation allowances by $295 million, primarily attributable to purchase accounting recorded through goodwill, with a small portion related to current year operations offset by currency movement in certain jurisdictions.
The calculation of our uncertain tax positions involves complexities in the application of intricate tax regulations in a multitude of jurisdictions across our global operations. Future changes in judgment related to the ultimate resolution of unrecognized tax benefits will affect the earnings in the quarter of such change. At December 31, 2025, we had recorded uncertain tax positions of $77 million in our consolidated balance sheet. For additional information on income taxes, please refer to Note 14- Income Taxes to our consolidated financial statements.
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, 2025, the allowance for recoverable taxes was $46 million. We c ontinue 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.
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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.
