Bunge Global SA 10-Q for FY2026 Q3
Bunge Global SA (BG)
10-Q
2026-10-29
For: 2026-09-30
View Original
Added on
October 29, 2026
About this 10-Q
Bunge Global SA filed this 10-Q on October 29, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).
Bunge reported third-quarter net income attributable to shareholders of $318 million, up from $166 million, and Total EBIT of $667 million, up from $403 million, for the three months ended September 30, 2026. Working capital was $9,774 million. AI summary
Headline figures
Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $23.8B
- up 7.4% from $22.16B a year earlier
- Net income
- $318M
- up 91.6% from net income of $166M a year earlier
- Diluted EPS
- $1.64
- up 95.2% from $0.84 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended September 30, 2026
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to
Commission File Number 000-56607
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| N.A. | ||||||||
| (Address of registered office and principal executive office) | (Zip Code) | |||||||
| 1391 Timberlake Manor Parkway | ||||||||
| Chesterfield, Missouri | 63017 | |||||||
| (Address of corporate headquarters) | (Zip Code) | |||||||
(314 ) 292-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ý | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý
As of October 27, 2026, the number of registered shares outstanding of the registrant was:
Registered shares, par value $.01 per share:192,143,784
BUNGE GLOBAL SA
TABLE OF CONTENTS
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| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
2
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
| Cost of goods sold | ( | ( | ( | ( | |||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Selling, general and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
| Foreign exchange gains (losses) – net | ( | ( | ( | ||||||||||||||||||||
| Other income (expense) – net | |||||||||||||||||||||||
| Income (loss) from affiliates | |||||||||||||||||||||||
| Income (loss) from continuing operations before income tax | |||||||||||||||||||||||
| Income tax (expense) benefit | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) from continuing operations | |||||||||||||||||||||||
| Income (loss) from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
| Net income (loss) | |||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to Bunge shareholders (Note 18) | $ | $ | $ | $ | |||||||||||||||||||
| 0 | 0 | ||||||||||||||||||||||
Earnings per share—basic (Note 18) | |||||||||||||||||||||||
| Net income (loss) from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Net income (loss) from discontinued operations | ( | ( | |||||||||||||||||||||
| Net income (loss) attributable to Bunge shareholders - basic | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share—diluted (Note 18) | |||||||||||||||||||||||
| Net income (loss) from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Net income (loss) from discontinued operations | ( | ( | |||||||||||||||||||||
| Net income (loss) attributable to Bunge shareholders - diluted | $ | $ | $ | $ | |||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) | $ | $ | $ | $ | |||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Foreign exchange translation adjustment | |||||||||||||||||||||||
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of | ( | ( | ( | ( | |||||||||||||||||||
Pension adjustment, net of tax (expense) benefit of $( | |||||||||||||||||||||||
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of $ | |||||||||||||||||||||||
| Total other comprehensive income (loss) | |||||||||||||||||||||||
| Total comprehensive income (loss) | |||||||||||||||||||||||
| Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Total comprehensive income (loss) attributable to Bunge | $ | $ | $ | $ | |||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(U.S. dollars in millions, except share data)
| September 30, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
Time deposits under trade structured finance program (Note 3) | ||||||||||||||
Trade accounts receivable (net of allowances of $ | ||||||||||||||
Inventories (Note 5) | ||||||||||||||
Assets held for sale (Note 2) | ||||||||||||||
Other current assets (Note 6) | ||||||||||||||
| Total current assets | ||||||||||||||
| Property, plant and equipment, net | ||||||||||||||
| Operating lease assets | ||||||||||||||
| Goodwill | ||||||||||||||
| Other intangible assets, net | ||||||||||||||
| Investments in affiliates | ||||||||||||||
| Deferred income taxes | ||||||||||||||
Other non-current assets (Note 7) | ||||||||||||||
| Total assets | $ | $ | ||||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
Short-term debt (Note 13) | $ | $ | ||||||||||||
Current portion of long-term debt (Note 13) | ||||||||||||||
Letter of credit obligations under trade structured finance program (Note 3) | ||||||||||||||
Trade accounts payable (includes $ | ||||||||||||||
| Current operating lease obligations | ||||||||||||||
Liabilities held for sale (Note 2) | ||||||||||||||
Other current liabilities (Note 10) | ||||||||||||||
| Total current liabilities | ||||||||||||||
Long-term debt (Note 13) | ||||||||||||||
| Deferred income taxes | ||||||||||||||
| Non-current operating lease obligations | ||||||||||||||
Other non-current liabilities (Note 16) | ||||||||||||||
| Redeemable noncontrolling interest | ||||||||||||||
Equity (Note 17): | ||||||||||||||
Registered shares, par value $ | ||||||||||||||
| Additional paid-in capital | ||||||||||||||
| Retained earnings | ||||||||||||||
Accumulated other comprehensive income (loss) (Note 17) | ( | ( | ||||||||||||
Treasury shares, at cost; 2026 - | ( | ( | ||||||||||||
| Total Bunge shareholders’ equity | ||||||||||||||
| Noncontrolling interests | ||||||||||||||
| Total equity | ||||||||||||||
| Total liabilities, redeemable noncontrolling interest and equity | $ | $ | ||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
5
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in millions)
| Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| OPERATING ACTIVITIES | ||||||||||||||
| Net income (loss) | $ | $ | ||||||||||||
| Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | ||||||||||||||
| Impairment charges | ||||||||||||||
| Foreign exchange (gain) loss on net debt | ( | ( | ||||||||||||
| Depreciation, depletion and amortization | ||||||||||||||
| Share-based compensation expense | ||||||||||||||
| Deferred income tax expense (benefit) | ( | ( | ||||||||||||
| (Gain) loss on sale of investments and property, plant and equipment | ( | ( | ||||||||||||
| Results from affiliates | ( | ( | ||||||||||||
| Dividend return on investment | ||||||||||||||
| Other, net | ||||||||||||||
| Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions: | ||||||||||||||
| Trade accounts receivable | ( | ( | ||||||||||||
| Inventories | ( | ( | ||||||||||||
| Secured advances to suppliers | ( | ( | ||||||||||||
| Trade accounts payable and accrued liabilities | ( | |||||||||||||
| Advances on sales | ( | ( | ||||||||||||
| Net unrealized (gains) losses on derivative contracts | ( | |||||||||||||
| Margin deposits | ( | ( | ||||||||||||
| Recoverable and income taxes, net | ||||||||||||||
| Marketable securities | ( | |||||||||||||
| Other, net | ( | |||||||||||||
| Cash provided by (used for) operating activities | ( | ( | ||||||||||||
| INVESTING ACTIVITIES | ||||||||||||||
| Payments made for capital expenditures | ( | ( | ||||||||||||
| Acquisitions of businesses (net of cash acquired) | ( | ( | ||||||||||||
| Proceeds from investments | ||||||||||||||
| Payments for investments | ( | ( | ||||||||||||
| Settlements of net investment hedges | ( | ( | ||||||||||||
| Proceeds from disposal of business and property, plant and equipment | ||||||||||||||
| Proceeds from sale of investments in affiliates | ||||||||||||||
| Payments for investments in affiliates | ( | ( | ||||||||||||
| Other, net | ||||||||||||||
| Cash provided by (used for) investing activities | ( | ( | ||||||||||||
| FINANCING ACTIVITIES | ||||||||||||||
| Net change in short-term debt with maturities of three months or less | ||||||||||||||
| Proceeds from short-term debt with maturities greater than three months | ||||||||||||||
| Repayments of short-term debt with maturities greater than three months | ( | ( | ||||||||||||
| Proceeds from long-term debt | ||||||||||||||
| Repayments of long-term debt | ( | ( | ||||||||||||
| Repurchases of registered shares | ( | ( | ||||||||||||
| Dividends paid to registered shareholders | ( | ( | ||||||||||||
| Capital contributions from (Return of capital to) noncontrolling interest | ||||||||||||||
| Sale of redeemable noncontrolling interest | ||||||||||||||
| Acquisition of noncontrolling interest | ( | |||||||||||||
| Other, net | ( | ( | ||||||||||||
| Cash provided by (used for) financing activities | ||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale | ||||||||||||||
| Net increase (decrease) in cash and cash equivalents, restricted cash, and cash held for sale | ( | ( | ||||||||||||
| Cash and cash equivalents, restricted cash, and cash held for sale - beginning of period | ||||||||||||||
| Cash and cash equivalents, restricted cash, and cash held for sale - end of period | $ | $ | ||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(U.S. dollars in millions, except share data)
| Registered Shares | Treasury Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Non- Controlling Interests | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, July 1, 2026 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends to noncontrolling interests on subsidiary common stock | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital contribution (return) from (to) noncontrolling interest | — | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of registered shares, including stock dividends | — | — | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2026 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Registered Shares | Treasury Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Non- Controlling Interests | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, July 1, 2025 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on registered shares, $ | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends to noncontrolling interests on subsidiary common stock | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of a business (Note 2) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense and conversions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of registered shares | — | ( | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of registered shares, including stock dividends | — | — | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
7
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(U.S. dollars in millions, except share data)
| Registered Shares | Treasury Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Non- Controlling Interests | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- Controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, January 1, 2026 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | ( | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on registered shares, $ | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends to noncontrolling interests on subsidiary common stock | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital contribution (return) from (to) noncontrolling interest | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measurement period adjustment (Note 2) | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of registered shares | — | ( | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of registered shares, including stock dividends | — | — | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2026 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Registered Shares | Treasury Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Non- Controlling Interests | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, January 1, 2025 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on registered shares, $ | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends to noncontrolling interests on subsidiary common stock | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital contribution (return) from (to) noncontrolling interest | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sale of redeemable noncontrolling interest (Note 2) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of noncontrolling interest (Note 8) | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of a business (Note 2) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense and conversions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of registered shares | — | ( | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of registered shares, including stock dividends | — | — | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
BUNGE GLOBAL SA AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES
On July 2, 2025, Bunge completed its previously announced acquisition ("Acquisition") of Viterra Limited ("Viterra"). See Note 2 - Acquisitions and Dispositions for further details. The condensed consolidated statements of income include results attributable to Viterra from the date of the Acquisition.
During the first quarter of 2026, the Other Oilseeds Processing and Refining segment was renamed to Tropical Oils and Specialty Ingredients. The segment name change had no impact on the composition of the Company’s existing four reportable segments, nor did it affect the Company’s previously reported segment results or the consolidated financial statements. See Note 19 - Segment Information for further details.
Cash, Cash Equivalents, Restricted Cash, and Cash Held for Sale
| (US$ in millions) | September 30, 2026 | September 30, 2025 | |||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash included in Other current assets | |||||||||||
| Cash and cash equivalents in Assets held for sale | |||||||||||
| Total | $ | $ | |||||||||
Cash paid for income taxes, net of refunds received, was $97 million and $164 million for the nine months ended September 30, 2026, and 2025, respectively. Cash paid for interest expense was $620 million and $395 million for the nine months ended September 30, 2026, and 2025, respectively.
New Accounting Pronouncements and Disclosure Rules
In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) ("ASU 2026-02"), which provides specific authoritative guidance for recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. ASU 2026-02 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Entities must adopt the standard using a modified retrospective transition method and early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
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In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) ("ASU 2025-10"), which provides specific authoritative guidance for recognition, measurement, and presentation of government grants. Either a modified prospective or retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, including interim reporting periods within those annual reporting periods. Early adoption is permitted in both periods in which financial statements have not yet been issued or made available for issuance. The adoption of this standard is not expected to have a material impact on Bunge’s consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). The standard is intended to enhance transparency of income statement disclosures, primarily through additional disaggregation of relevant expense captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. Entities can adopt the change prospectively or retrospectively to any or all prior periods presented in the financial statements. The adoption of this standard will result in expanded disclosure in the Company’s footnotes, but it is not expected to have an impact on the Company’s consolidated financial position or results of operations.
2. ACQUISITIONS AND DISPOSITIONS
Acquisitions
Viterra Limited Business Combination Agreement
On July 2, 2025, Bunge completed its previously announced Acquisition of Viterra in a stock and cash transaction pursuant to a definitive business combination agreement (the "Business Combination Agreement") with Viterra and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the "Sellers"). The Acquisition of Viterra creates a premier global agribusiness solutions company for food, feed and fuel, well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.
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 $1.9 billion in cash, in return for 100 % of the outstanding equity of Viterra. The cash consideration was financed through a combination of cash on hand and Bunge's existing debt instruments.
Upon the closing of the Acquisition, the Sellers owned approximately 33 % of Bunge's registered shares.
The following table summarizes the total purchase consideration transferred in exchange for 100 % of the outstanding equity and repayment of certain debt of Viterra:
| (US$ in millions) | |||||
Fair value of Bunge stock issued (1) | $ | ||||
Cash consideration (2) | |||||
| Repayment of certain debt of Viterra | |||||
| Effective settlement of pre-existing relationships | ( | ||||
| Total purchase consideration | $ | ||||
(1) Based on Bunge's closing share price on the New York Stock Exchange as of July 2, 2025 of $81.39 per share.
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Fair Values of Assets Acquired and Liabilities Assumed
The Acquisition of Viterra is accounted for as a business combination using the acquisition method of accounting. Bunge finalized the valuation of the assets acquired and liabilities assumed during the second quarter of 2026. Measurement period adjustments were recorded in the period determined, as if they had been completed at the Acquisition date. During the measurement period, Bunge recorded adjustments resulting in an increase to goodwill of $574 million, primarily related to the valuations of Property, plant and equipment and Investments in affiliates. The measurement period adjustments did not have a material impact on Bunge's condensed consolidated statements of income. The following table summarizes the final allocation of the fair value of assets acquired and liabilities assumed as of the Acquisition date, as included in Bunge's condensed consolidated balance sheet.
| (US$ in millions) | July 2, 2025 | |||||||
| Cash and cash equivalents | $ | |||||||
| Time deposits under trade structured finance program | ||||||||
| Trade accounts receivable | ||||||||
| Inventories | ||||||||
| Assets held for sale | ||||||||
| Other current assets | ||||||||
| Property, plant and equipment | ||||||||
| Operating lease assets | ||||||||
Other intangible assets (1) | ||||||||
| Investments in affiliates | ||||||||
| Deferred income taxes | ||||||||
| Other non-current assets | ||||||||
| Total assets acquired | ||||||||
| Liabilities | ||||||||
| Short-term debt | ||||||||
Current portion of long-term debt (2) | ||||||||
| Letter of credit obligations under trade structured finance program | ||||||||
| Trade accounts payable | ||||||||
| Current operating lease obligations | ||||||||
| Liabilities held for sale | ||||||||
| Other current liabilities | ||||||||
Long-term debt (2) | ||||||||
| Deferred income taxes | ||||||||
| Non-current operating lease obligations | ||||||||
| Other non-current liabilities | ||||||||
| Net assets acquired | ||||||||
| Less: Noncontrolling interests | ( | |||||||
Goodwill (3) | ||||||||
| Fair value of consideration transferred | $ | |||||||
(1) Other intangible assets primarily consist of a trademark with a useful life of one year .
(2) Debt is required to be measured at fair value under the acquisition method of accounting. The fair value of Viterra's aggregate principal of $1.95 billion notes and 1.2 billion Euro notes assumed in the Acquisition was $3.3 billion. The $97 million discount to par value will accrete to interest expense over the remaining term of the notes.
(3) Goodwill was assigned to reportable segments as follows, $1,156 million to Softseed Processing and Refining, $896 million to Soybean Processing and Refining, and $828 million to Grain Merchandising and Milling. The
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International Flavors and Fragrances Purchase Agreement
On August 5, 2025, Bunge entered into an asset purchase agreement with Solae, L.L.C. to acquire substantially all assets related to the lecithin, soy protein concentrate and crush businesses of International Flavors and Fragrances, Inc. ("IFF"). On March 1, 2026, the acquisition closed in accordance with the terms of the agreement in exchange for total cash consideration of $105 million, subject to the finalization of certain acquisition closing adjustments.
The acquisition of these certain businesses of IFF is accounted for as a business combination using the acquisition method of accounting that requires assets acquired and liabilities assumed to be recognized at their acquisition date fair value. The valuation of the assets acquired and liabilities assumed has not yet been finalized, and as a result, preliminary estimates have been recorded and are subject to change. Any necessary adjustments from Bunge's preliminary estimates will be finalized within one year from the date of the acquisition completion. Measurement period adjustments will be recorded in the period determined, as if it had been completed at the acquisition date. The following table summarizes the preliminary allocation of the fair value of assets acquired and liabilities assumed as of the acquisition date, as included in Bunge's condensed consolidated balance sheet. Net assets acquired were primarily recorded in the Tropical Oils and Specialty Ingredients and Soybean Processing and Refining segments.
| (US$ in millions) | March 1, 2026 | |||||||
| Trade accounts receivable | $ | |||||||
| Inventories | ||||||||
| Other current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Intangibles | ||||||||
| Total assets acquired | ||||||||
| Liabilities | ||||||||
| Trade accounts payable and accrued liabilities | ||||||||
| Other current liabilities | ||||||||
| Net assets acquired | ||||||||
| Goodwill | ||||||||
| Fair value of consideration transferred | $ | |||||||
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Dispositions
Brazil Sugarcane Mills Disposition
On August 31, 2026, Bunge entered into an agreement to sell its two sugarcane mills located in Brazil, to COFCO International for cash proceeds of approximately $383 million, subject to certain closing adjustments. The sugarcane mills were formerly owned by Viterra and became part of Bunge upon the close of the Acquisition in July 2025. The carrying value of the disposal group exceeded the fair value less costs to sell, resulting in a corresponding impairment loss of $66 million, recognized in Cost of goods sold for the quarter ended September 30, 2026. Completion of the sale of the business is subject to customary closing conditions, including regulatory approval and is expected to close in 2026.
The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the condensed consolidated balance sheet as of September 30, 2026. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets held for sale comprise $439 million and $82 million reported under the Grain Merchandising and Milling segment and Corporate and Other, respectively. Liabilities held for sale are reported under the Grain Merchandising and Milling segment.
| (US$ in millions) | September 30, 2026 | ||||
| Cash and cash equivalents | $ | ||||
| Trade accounts receivable | |||||
| Inventories | |||||
| Other current assets | |||||
| Property, plant and equipment, net | |||||
| Operating lease assets | |||||
| Deferred income taxes | |||||
| Other non-current assets | |||||
| Impairment reserve | ( | ||||
| Total assets held for sale | $ | ||||
| Trade accounts payable and accrued liabilities | $ | ||||
| Current operating lease obligations | |||||
| Other current liabilities | |||||
| Non-current operating lease obligations | |||||
| Other non-current liabilities | |||||
| Total liabilities held for sale | $ | ||||
European Margarines and Spreads Business Disposition
On March 21, 2025, Bunge entered into an agreement to sell its European margarines and spreads business to Vandemoortele Lipids NV for cash proceeds of approximately $239 million, subject to certain closing adjustments. Completion of the sale is subject to customary closing conditions, including regulatory approval, and is now expected to close in 2027.
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The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the condensed consolidated balance sheet as of September 30, 2026. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets held for sale are reported under the Tropical Oils and Specialty Ingredients segment. Liabilities held for sale comprise $60 million and $3 million reported under the Tropical Oils and Specialty Ingredients segment and Corporate and Other, respectively.
| (US$ in millions) | September 30, 2026 | |||||||
| Trade accounts receivable | $ | |||||||
| Inventories | ||||||||
| Other current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Operating lease assets | ||||||||
| Goodwill & Other intangible assets, net | ||||||||
| Other non-current assets | ||||||||
| Total assets held for sale | $ | |||||||
| Trade accounts payable and accrued liabilities | $ | |||||||
| Other current liabilities | ||||||||
| Deferred income taxes | ||||||||
| Other non-current liabilities | ||||||||
| Total liabilities held for sale | $ | |||||||
Partnership with Repsol - Bunge Iberica SA
3. TRADE STRUCTURED FINANCE PROGRAM
The Company engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which the Company generally obtains U.S. dollar and foreign currency denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, as well as foreign exchange forward contracts, in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements.
As of September 30, 2026, and December 31, 2025, time deposits and LCs of $15,650 million and $10,437 million, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. Time deposits and LCs that do not meet the offsetting requirements under ASC 210-20 are reported on the condensed consolidated balance sheet within Time deposits under trade structured finance program and Letter of credit obligations under trade structured finance program, respectively. The carrying amounts of these financial instruments approximate their fair values. At September 30, 2026, and December 31, 2025, time deposits, including those presented on a net basis, carried weighted-average interest rates of 3.00 % and 3.56 %, respectively.
As part of the trade structured finance activities, the LCs originated using the time deposits described above may be sold to financial institutions on a discounted basis. When the criteria in ASC 860, Transfers and Servicing, have been met, Bunge derecognizes the asset from our balance sheet and does not service the asset. For LCs that do not meet the derecognition criteria, Bunge accounts for such transactions as secured borrowings within Other short-term debt. During the nine months ended September 30, 2026, and 2025, total net proceeds from discounting of LCs were $12,201 million and $7,102 million, respectively. These cash inflows were offset by the related cash outflows resulting from placement of the time deposits and
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repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows.
The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to one year . Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current assets, or Other current liabilities, including any unrealized gain or loss on changes in SOFR, is not significant as of September 30, 2026 or December 31, 2025. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company’s condensed consolidated balance sheets as of September 30, 2026, and December 31, 2025 are included in Note 12 - Derivative Instruments and Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the three and nine month periods ended September 30, 2026, and 2025.
4. TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM
Trade Accounts Receivable
Changes to the allowance for expected credit losses related to Trade accounts receivable were as follows:
Nine Months Ended September 30, 2026 | |||||||||||
| Rollforward of the Allowance for Credit Losses (US$ in millions) | Short-term | Long-term (1) | Total | ||||||||
Allowance as of January 1, 2026 | $ | $ | $ | ||||||||
| Current period provisions | |||||||||||
| Recoveries | ( | ( | ( | ||||||||
| Write-offs charged against the allowance | ( | ( | ( | ||||||||
| Foreign exchange translation differences | |||||||||||
Allowance as of September 30, 2026 | $ | $ | $ | ||||||||
(1) Long-term portion of the allowance for credit losses is included in Other non-current assets.
Nine Months Ended September 30, 2025 | |||||||||||
| Rollforward of the Allowance for Credit Losses (US$ in millions) | Short-term | Long-term (1) | Total | ||||||||
Allowance as of January 1, 2025 | $ | $ | $ | ||||||||
| Current period provisions | |||||||||||
| Purchased credit deteriorated receivables | |||||||||||
| Recoveries | ( | ( | |||||||||
| Write-offs charged against the allowance | ( | ( | ( | ||||||||
| Foreign exchange translation differences | |||||||||||
Allowance as of September 30, 2025 | $ | $ | $ | ||||||||
(1) Long-term portion of the allowance for credit losses is included in Other non-current assets.
Trade Receivables Securitization Program
Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers"). Koninklijke Bunge B.V., a wholly owned subsidiary of Bunge, acts as master servicer, responsible for servicing and collecting the accounts receivable for the Program. The Program is designed to enhance Bunge’s financial flexibility by providing an additional source of liquidity for its operations.
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On March 31, 2026, Bunge and certain of its subsidiaries amended the Program which increased its aggregate size by $500 million to an aggregate of $2.0 billion. The amendment also decreased the size of the accordion feature under the Program, which allows Bunge to request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments, by $500 million reducing from $1.0 billion to $500 million. The Program will terminate in May 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate earlier in December 2026, with a feature that permits Bunge to request 364 -day extensions.
Under the Program's pledge structure, Bunge Securitization B.V. ("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to the aggregate size of the Program. BSBV also retains ownership of a population of unsold receivables. BSBV agrees to guarantee the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s condensed consolidated statements of cash flows.
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
Receivables sold which were derecognized from Bunge's balance sheet | $ | $ | |||||||||
Receivables pledged to the administrative agent and included in Trade accounts receivable | $ | $ | |||||||||
Bunge's risk of loss following the sale of trade receivables is limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.
The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.
| Nine Months Ended September 30, | |||||||||||
| (US$ in millions) | 2026 | 2025 | |||||||||
| Gross receivables sold | $ | $ | |||||||||
Proceeds received in cash related to transfers of receivables | $ | $ | |||||||||
| Cash collections from customers on receivables previously sold | $ | $ | |||||||||
| Discounts related to gross receivables sold included in Selling, general, and administrative expenses | $ | $ | |||||||||
5. INVENTORIES
Inventories by reportable segment consist of the following:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
| Soybean Processing and Refining | $ | $ | |||||||||
| Softseed Processing and Refining | |||||||||||
| Tropical Oils and Specialty Ingredients | |||||||||||
| Grain Merchandising and Milling | |||||||||||
| Total | $ | $ | |||||||||
Readily marketable inventories ("RMI") are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, softseeds, softseed oil, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms. All other inventories are carried at lower of cost or net realizable value.
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RMI by reportable segment consist of the following, reported within Inventories:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
Soybean Processing and Refining | $ | $ | |||||||||
| Softseed Processing and Refining | |||||||||||
Tropical Oils and Specialty Ingredients | |||||||||||
Grain Merchandising and Milling (1) | |||||||||||
| Total | $ | $ | |||||||||
6. OTHER CURRENT ASSETS
Other current assets consist of the following:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
| Unrealized gains on derivative contracts, at fair value | $ | $ | |||||||||
Prepaid commodity purchase contracts (1) | |||||||||||
Secured advances to suppliers, net (2) | |||||||||||
| Recoverable taxes, net | |||||||||||
| Margin deposits | |||||||||||
Marketable securities and other short-term investments (3) | |||||||||||
| Income taxes receivable | |||||||||||
| Prepaid expenses | |||||||||||
| Restricted cash | |||||||||||
Disposition receivable (4) | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
(1) Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 14 - Related Party Transactions.
(2) Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers’ production costs. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 14 - Related Party Transactions. The Company does not bear any of the costs or operational risks associated with growing the related crops. The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold. The secured advances to suppliers are reported net of allowances of $5 million and $20 million at September 30, 2026, and December 31, 2025, respectively.
(-) Interest earned on secured advances to suppliers of $8 million and $8 million for the three months ended September 30, 2026, and 2025, respectively, and $26 million and $18 million for the nine months ended September 30, 2026, and 2025, respectively, is included in Net sales in the condensed consolidated statements of income.
(3) Marketable securities and other short-term investments - Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the Company’s condensed consolidated balance sheets as marketable securities and other short-term investments.
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
| Foreign government securities | $ | $ | |||||||||
| Certificates of deposit/time deposits | |||||||||||
| Equity securities | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
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As of September 30, 2026, and December 31, 2025, $192 million and $150 million, respectively, of marketable securities and other short-term investments were recorded at fair value. All other investments were recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the three months ended September 30, 2026, and 2025, unrealized gains of $1 million and $47 million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at September 30, 2026, and 2025. For the nine months ended September 30, 2026, and 2025, unrealized gains of $1 million and $52 million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at September 30, 2026, and 2025.
7. OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
Recoverable taxes, net (1) | $ | $ | |||||||||
Judicial deposits (1) | |||||||||||
Other long-term receivables, net (2) | |||||||||||
Income taxes receivable (1) | |||||||||||
Long-term investments (3) | |||||||||||
| Affiliate loans receivable | |||||||||||
Long-term receivables from farmers in Brazil, net (1) | |||||||||||
| Unrealized gains on derivative contracts, at fair value | |||||||||||
| Long-term pension surplus | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
(1) A significant portion of these non-current assets arise from the Company’s Brazilian and Canadian operations and their realization could take several years.
(2) Net of allowances as described in Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program.
Recoverable taxes, net - Recoverable taxes include value-added taxes paid upon the acquisition of property, plant and equipment, raw materials and taxable services, and other transactional taxes which can be recovered in cash or as compensation against income taxes, or other taxes Bunge may owe, primarily in Brazil. Recoverable taxes are reported net of allowances of $4 million and $6 million at September 30, 2026, and December 31, 2025, respectively.
Judicial deposits - Judicial deposits are funds the Company has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending resolution and bear interest at the Selic rate, which is the benchmark rate of the Brazilian central bank.
Income taxes receivable - Income taxes receivable includes overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be used for the settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the Selic rate.
Long-term investments - Long-term investments primarily comprise Bunge's noncontrolling equity investments held by Bunge Ventures in growth stage companies and related investment funds in the agribusiness and food sectors.
Affiliate loans receivable - Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with remaining maturities of greater than one year .
Long-term receivables from farmers in Brazil, net - The Company provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest, and through credit sales of fertilizer to farmers. The balance includes certain advance payments on contracts with various
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unconsolidated investees (see Note 14 - Related Party Transactions). Long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity purchase contracts or secured advances to suppliers (see Note 6 - Other Current Assets) or Other non-current assets according to their maturity. Advances initially recorded in Other current assets are reclassified to Other non-current assets if collection issues arise and amounts become past due with resolution of such matters expected to take more than one year. The balance is reported net of allowances of $33 million and $31 million at September 30, 2026 and December 31, 2025, respectively.
8. VARIABLE INTEREST ENTITIES
Consolidated Variable Interest Entities
Bunge Chevron Ag Renewables LLC ("BCAR") is a VIE in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of BCAR as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by BCAR, among other factors.
The following table presents the values of the assets and liabilities associated with BCAR to the extent included in Bunge’s condensed consolidated balance sheets as of September 30, 2026, and December 31, 2025. All amounts exclude intercompany balances, which have been eliminated upon consolidation.
For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such, these VIEs have been excluded from the below table.
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Trade accounts receivable | |||||||||||
| Inventories | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Total assets | $ | $ | |||||||||
| Current liabilities: | |||||||||||
| Trade accounts payable and accrued liabilities | $ | $ | |||||||||
| Other current liabilities | |||||||||||
| Total liabilities | $ | $ | |||||||||
Non-Consolidated Variable Interest Entities
9. INCOME TAXES
Income tax expense is provided on an interim basis based on management’s estimate of the annual effective income tax rate and includes the tax effects of certain discrete items, such as changes in tax laws or tax rates or other unusual or non-recurring tax adjustments in the interim period in which they occur. In addition, results from jurisdictions projecting a loss for the year where no tax benefit can be recognized are treated discretely in the interim period in which they occur. The effective tax rate is highly dependent on the geographic distribution of the Company’s worldwide earnings or losses and tax regulations in each jurisdiction. Management regularly monitors the assumptions used in estimating its annual effective tax rate, including the realizability of deferred tax assets, and adjusts estimates accordingly. Volatility in earnings within a taxing jurisdiction could result in a determination that additional valuation allowance adjustments may be warranted.
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Income tax expense for the three and nine months ended September 30, 2026 was $168 million and $390 million, respectively. Income tax expense for the three and nine months ended September 30, 2025 was $86 million and $290 million. The effective tax rates for the three and nine months ended September 30, 2026 and September 30, 2025 were higher than the U.S. statutory rate of 21%, primarily due to the jurisdictional mix of earnings.
As a global enterprise, the Company files income tax returns that are subject to periodic examination and challenge by federal, state, and foreign tax authorities. In many jurisdictions, income tax examinations, including settlement negotiations or litigation, may take several years to finalize. The Company is currently under examination or litigation in various locations throughout the world. While it is difficult to predict the outcome or timing of resolution of any particular matter, management believes that the condensed consolidated financial statements reflect the largest amount of tax benefit that is more likely than not to be realized.
10. OTHER CURRENT LIABILITIES
Other current liabilities consist of the following:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
| Unrealized losses on derivative contracts at fair value | $ | $ | |||||||||
| Accrued liabilities | |||||||||||
Advances on sales (1) | |||||||||||
Dividends payable (2) | |||||||||||
| Income tax payable | |||||||||||
Contingent consideration (3) | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
(1) The Company records advances on sales when cash payments are received in advance of the Company’s performance and recognizes revenue once the related performance obligation is completed. Advances on sales are impacted by the seasonality of Bunge's business, including the timing of harvests in the northern and southern hemispheres, and amounts at each balance sheet date will generally be recognized in earnings within twelve months or less.
(2) See Note 17 - Equity.
(3) In the fourth quarter of 2025, Bunge completed the acquisition of an oilseed crush facility from Varthomio ("ViOil") in western Ukraine. In connection with the acquisition, Bunge has recognized an obligation of $20 million at September 30, 2026 relating to contingent cash consideration to be settled within one year from the date of the close of the transaction.
11. FAIR VALUE MEASUREMENTS
Bunge's various financial instruments include certain components of working capital such as Trade accounts receivable and Trade accounts payable. Additionally, Bunge uses short- and long-term debt to fund operating requirements. Trade accounts receivable, Trade accounts payable, and Short-term debt are generally stated at their carrying value, which is a reasonable estimate of fair value. See Note 3 - Trade Structured Finance Program for trade structured finance program, Note 7 - Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, and Note 13 - Debt for short- and long-term debt. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value.
The fair value standard describes three levels within its hierarchy that may be used to measure fair value.
20
| Level | Description | Financial Instrument (Assets / Liabilities) | ||||||
| Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities. | Exchange traded derivative contracts. Marketable securities in active markets. | ||||||
| Level 2 | Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | Exchange traded derivative contracts (less liquid markets). Readily marketable inventories. Over-the-counter ("OTC") commodity purchase and sales contracts. OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Marketable securities in less active markets. | ||||||
| Level 3 | Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. | Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Assets and liabilities for which the determination of fair value requires significant management judgment or estimation. | ||||||
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels.
For a further definition of fair value and the associated fair value levels, refer to Note 15 - Fair Value Measurements, included in the Company’s 2025 Annual Report on Form 10-K filed with the SEC on February 19, 2026.
21
The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis.
| Fair Value Measurements at Reporting Date | ||||||||||||||||||||||||||||||||
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||
| (US$ in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||||
| Cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Readily marketable inventories (1) (Note 5) | ||||||||||||||||||||||||||||||||
Unrealized gain on derivative contracts (2): | ||||||||||||||||||||||||||||||||
| Interest rate | ||||||||||||||||||||||||||||||||
| Foreign exchange | ||||||||||||||||||||||||||||||||
| Commodities | ||||||||||||||||||||||||||||||||
| Freight | ||||||||||||||||||||||||||||||||
| Energy | ||||||||||||||||||||||||||||||||
| Credit | ||||||||||||||||||||||||||||||||
Other (3) | ||||||||||||||||||||||||||||||||
| Total assets | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||
Trade accounts payable (4) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Unrealized loss on derivative contracts (5): | ||||||||||||||||||||||||||||||||
| Interest rate | ||||||||||||||||||||||||||||||||
| Foreign exchange | ||||||||||||||||||||||||||||||||
| Commodities | ||||||||||||||||||||||||||||||||
| Freight | ||||||||||||||||||||||||||||||||
| Energy | ||||||||||||||||||||||||||||||||
| Credit | ||||||||||||||||||||||||||||||||
| Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1) At September 30, 2026, and December 31, 2025, there were RMI totaling $40 million and zero , respectively, included in Assets held for sale.
(2) Unrealized gains on derivative contracts are generally included in Other current assets. There were zero and $8 million included in Other non-current assets at September 30, 2026, and December 31, 2025, respectively.
(3) Other includes the fair values of marketable securities and investments in Other current assets and Other non-current assets.
(4) These payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business.
Cash equivalents —Cash equivalents primarily includes money market funds and commercial paper investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Cash equivalents with liquid prices are valued using prices from publicly available sources and classified as Level 1. Cash equivalents with less liquid prices are valued using third-party quotes or pricing models and classified as Level 2.
Readily marketable inventories—RMI reported at fair value are valued based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Company’s inventories are located. In such cases, the inventory is classified within Level 2. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In such cases, the inventory is classified as Level 3.
22
If the Company used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ. Additionally, if market conditions change subsequent to the reporting date, amounts reported in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ.
Derivatives—The majority of exchange traded futures and options contracts and exchange cleared contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. The majority of the Company’s exchange-traded agricultural commodity futures are cash-settled on a daily basis and, therefore, are not included in these tables. The Company’s forward commodity purchase and sales contracts are classified as derivatives along with other OTC derivative instruments relating primarily to freight, energy, foreign exchange and interest rates, and are classified within Level 2 or Level 3, as described below. The Company estimates fair values based on exchange quoted prices, adjusted as appropriate for differences in local markets. These differences are generally valued using inputs from broker or dealer quotations or market transactions in either the listed or OTC markets. In such cases, these derivative contracts are classified within Level 2.
OTC derivative contracts include swaps, options, and structured transactions that are generally fair valued using quantitative models that require the use of multiple market inputs including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not highly active, other observable inputs relevant to the asset or liability, and market inputs corroborated by correlation or other means. These valuation models include inputs such as interest rates, prices, and indices, to generate continuous yield or pricing curves and volatility factors. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives trade in less active markets with less availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in or corroborated by the market.
Marketable securities and investments—Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Marketable securities and investments with liquid prices are valued using prices from publicly available sources and classified as Level 1. Marketable securities and investments with less liquid prices are valued using third-party quotes or pricing models and classified as Level 2 or Level 3, as described below.
Level 3 Measurements
The following information relates to assets and liabilities measured at fair value on a recurring basis using Level 3 measurements. An instrument may transfer into or out of Level 3 due to inputs becoming either observable or unobservable.
Level 3 Measurements—Transfers in and/or out of Level 3 represent existing assets or liabilities that were either previously categorized as a higher level for which the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 for which the lowest significant input became observable during the period. Bunge's policy regarding the timing of transfers between levels is to record the transfers at the end of the reporting period.
Level 3 Readily marketable inventories and Trade accounts payable—The significant unobservable inputs resulting in Level 3 classification for RMI, physically settled forward purchase and sales contracts, and Trade accounts payable, relate to certain management estimations regarding costs of transportation and other local market or location-related adjustments, primarily freight related adjustments in the interior of Brazil and the lack of market corroborated information in Canada. In both situations, the Company uses proprietary information such as purchase and sales contracts and contracted prices to value freight, premiums and discounts in its contracts. Movements in the prices of these unobservable inputs alone would not be expected to have a material effect on the Company’s financial statements as these contracts do not typically exceed one future crop cycle.
Level 3 Derivatives—Level 3 derivative instrument fair value measurements utilize both market observable and unobservable inputs. These inputs include commodity prices, price volatility, interest rates, volumes, and locations.
Level 3 Others—Primarily relates to marketable securities and investments valued using third-party quotes or pricing models with inputs based on similar securities adjusted to reflect management’s best estimate of the specific characteristics of the securities held by the Company. Such inputs represent a significant component of the fair value of the securities held by the Company, resulting in the securities being classified as Level 3.
The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2026, and 2025. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a market participant.
23
| Three Months Ended September 30, 2026 | |||||||||||||||||
| (US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Total | |||||||||||||
| Balance, July 1, 2026 | $ | $ | ( | $ | ( | $ | |||||||||||
| ( | |||||||||||||||||
| Purchases | ( | ||||||||||||||||
| Sales | ( | ( | |||||||||||||||
| Settlements | |||||||||||||||||
| Transfers into Level 3 | ( | ( | |||||||||||||||
| Transfers out of Level 3 | ( | ( | |||||||||||||||
| Translation adjustment | |||||||||||||||||
| Balance, September 30, 2026 | $ | $ | $ | ( | $ | ||||||||||||
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $154 million, $141 million and $(22 ) million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2026.
| Three Months Ended September 30, 2025 | |||||||||||||||||
| (US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Total | |||||||||||||
| Balance, July 1, 2025 | $ | $ | $ | ( | $ | ||||||||||||
| ( | |||||||||||||||||
| Purchases | ( | ||||||||||||||||
| Sales | ( | ( | |||||||||||||||
| Settlements | |||||||||||||||||
| Transfers into Level 3 | ( | ||||||||||||||||
| Transfers out of Level 3 | ( | ( | ( | ||||||||||||||
| Translation adjustment | ( | ||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | ( | $ | ||||||||||||
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $69 million, $(20 ) million and $1 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2025.
24
| Nine Months Ended September 30, 2026 | |||||||||||||||||
| (US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Total | |||||||||||||
| Balance, January 1, 2026 | $ | $ | $ | ( | $ | ||||||||||||
| ( | |||||||||||||||||
| Purchases | ( | ||||||||||||||||
| Sales | ( | ( | |||||||||||||||
| Settlements | |||||||||||||||||
| Transfers into Level 3 | ( | ||||||||||||||||
| Transfers out of Level 3 | ( | ( | ( | ||||||||||||||
| Translation adjustment | ( | ( | |||||||||||||||
| Balance, September 30, 2026 | $ | $ | $ | ( | $ | ||||||||||||
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $1.1 billion, $47 million and $(23 ) million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2026.
| Nine Months Ended September 30, 2025 | |||||||||||||||||
| (US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Total | |||||||||||||
| Balance, January 1, 2025 | $ | $ | $ | ( | $ | ||||||||||||
| ( | |||||||||||||||||
| Purchases | ( | ||||||||||||||||
| Sales | ( | ( | |||||||||||||||
| Settlements | |||||||||||||||||
| Transfers into Level 3 | ( | ||||||||||||||||
| Transfers out of Level 3 | ( | ( | ( | ||||||||||||||
| Translation adjustment | ( | ||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | ( | $ | ||||||||||||
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $185 million, $(47 ) million and $7 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2025.
25
12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company uses derivative instruments to manage several market risks, such as interest rate, foreign currency rate, and commodity risk. Some of the hedges the Company enters into qualify for hedge accounting ("Hedge Accounting Derivatives") and some, while intended as economic hedges, do not qualify or are not designated for hedge accounting ("Economic Hedge Derivatives"). As these derivatives impact the financial statements in different ways, they are discussed separately below.
Hedge Accounting Derivatives - The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate, foreign currency, and commodity risks. In executing these hedge strategies, the Company primarily relies on the shortcut and critical terms match methods in designing its hedge accounting strategy, which results in little to no net earnings impact for these hedge relationships. The Company monitors these relationships on a quarterly basis and performs a quantitative analysis to validate the assertion that the hedges are highly effective if there are changes to the hedged item or hedging derivative.
Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. In other words, the earnings effect of a change in the fair value of the derivative will be substantially offset by the earnings effect of the change in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense.
Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, selling, general and administrative costs, and foreign denominated contractual payments using currency forwards, currency options, and cross-currency swaps. The change in the value of the derivative is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings, at which time the change in value of the derivative is reclassified to the condensed consolidated statements of income (loss). These hedges mature at various times through September 2028. Of the amount currently in Accumulated other comprehensive income (loss), less than $2 million of deferred losses, based on transaction maturities, are expected to be reclassified to earnings in the next twelve months.
Net investment hedges - The Company hedges the currency risk of certain of its foreign subsidiaries with currency forwards and foreign currency denominated third-party loans for which the currency risk is remeasured through Accumulated other comprehensive income (loss). For currency forwards, the forward method is used. The change in the value of the hedging instrument is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings by way of either sale or substantial liquidation of the foreign subsidiary.
The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. The notional amount of the derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.
26
| (US$ in millions) | September 30, 2026 | December 31, 2025 | Unit of Measure | |||||||||||
| Hedging instrument type: | ||||||||||||||
| Fair value hedges of interest rate risk | ||||||||||||||
| Interest rate swap - notional amount | $ | $ | $ Notional | |||||||||||
| Cumulative adjustment to long-term debt from active application of hedge accounting | $ | ( | $ | ( | $ Notional | |||||||||
| Carrying value of hedged debt | $ | $ | $ Notional | |||||||||||
| Cash flow hedges of currency risk | ||||||||||||||
| Foreign currency forward - notional amount | $ | $ | $ Notional | |||||||||||
| Foreign currency option - notional amount | $ | $ | $ Notional | |||||||||||
| Cross currency swaps - notional amount | $ | $ | $ Notional | |||||||||||
| Carrying value of hedged debt under the cross currency swap | $ | $ | $ Notional | |||||||||||
| Net investment hedges | ||||||||||||||
| Foreign currency forward - notional amount | $ | $ | $ Notional | |||||||||||
| Carrying value of non-derivative hedging instrument | $ | $ | $ Notional | |||||||||||
Economic Hedge Derivatives - In addition to using derivatives in qualifying hedge relationships, the Company enters into derivatives to economically hedge its exposure to a variety of market risks it incurs in the normal course of operations.
Interest rate derivatives are used to hedge exposures to the Company’s financial instrument portfolios and debt issuances. The impact of changes in fair value of these instruments is primarily presented in Interest expense.
Currency derivatives are used to hedge the balance sheet and commercial exposures that arise from the Company’s global operations. The impact of changes in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange (losses) gains – net when hedging monetary exposures.
Agricultural commodity derivatives are used primarily to manage exposures related to the Company’s inventory and forward purchase and sales contracts. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle. The impact of changes in fair value of these instruments is presented in Cost of goods sold.
The Company uses derivative instruments referred to as forward freight agreements ("FFAs") and FFA options to hedge portions of its current and anticipated ocean freight costs. The impact of changes in fair value of these instruments is presented in Cost of goods sold.
The Company uses energy derivative instruments to manage its exposure to volatility in energy costs. Hedges may be entered into for natural gas, electricity, coal and fuel oil, including bunker fuel. The impact of changes in fair value of these instruments is presented in Cost of goods sold.
The Company may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives to manage its exposure to credit risk and broader macroeconomic risks, respectively. The impact of changes in fair value of these instruments is presented in Cost of goods sold.
The table below summarizes the volume of economic derivatives as of September 30, 2026, and December 31, 2025. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.
27
| September 30, | December 31, | ||||||||||||||||
| 2026 | 2025 | Unit of Measure | |||||||||||||||
| (US$ in millions) | Long | (Short) | Long | (Short) | |||||||||||||
| Interest rate | |||||||||||||||||
| Forwards | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
| Swaps | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
| Futures | $ | $ | ( | $ | $ | $ Notional | |||||||||||
| Currency | |||||||||||||||||
| Forwards | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
| Swaps | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
| Futures | $ | $ | ( | $ | $ | $ Notional | |||||||||||
| Options | $ | $ | ( | $ | $ | ( | Delta | ||||||||||
| Agricultural commodities | |||||||||||||||||
| Forwards | ( | ( | Metric Tons | ||||||||||||||
| Swaps | ( | Metric Tons | |||||||||||||||
| Futures | ( | ( | Metric Tons | ||||||||||||||
| Options | ( | ( | Metric Tons | ||||||||||||||
| Ocean freight | |||||||||||||||||
| FFA | ( | ( | Hire Days | ||||||||||||||
| Natural gas | |||||||||||||||||
| Swaps | MMBtus | ||||||||||||||||
| Futures | MMBtus | ||||||||||||||||
| Options | MMBtus | ||||||||||||||||
| Electricity | |||||||||||||||||
| Futures | MWh | ||||||||||||||||
| Energy - other | |||||||||||||||||
| Swaps | Metric Tons | ||||||||||||||||
| Futures | ( | Metric Tons | |||||||||||||||
| Energy - CO2 | |||||||||||||||||
| Futures | Metric Tons | ||||||||||||||||
| Options | Metric Tons | ||||||||||||||||
| Other | |||||||||||||||||
| Swaps and futures | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
28
The Effect of Derivative Instruments and Hedge Accounting on the Condensed Consolidated Statements of Income
The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three and nine months ended September 30, 2026, and 2025.
| Gain (Loss) Recognized in Income on Derivative Instruments | |||||||||||
| Three Months Ended September 30, | |||||||||||
| (US$ in millions) | 2026 | 2025 | |||||||||
| Income statement classification | Type of derivative | ||||||||||
| Net sales | |||||||||||
| Hedge accounting | Foreign currency | $ | $ | ||||||||
| Cost of goods sold | |||||||||||
| Economic hedges | Foreign currency | $ | $ | ||||||||
| Commodities | ( | ( | |||||||||
Other (1) | ( | ||||||||||
| Total Cost of goods sold | $ | ( | $ | ||||||||
| Selling, general & administrative | |||||||||||
| Hedge accounting | Foreign exchange | $ | ( | $ | |||||||
| Interest expense | |||||||||||
| Hedge accounting | Interest rate | $ | ( | $ | ( | ||||||
| Foreign exchange (losses) gains – net | |||||||||||
| Hedge accounting | Foreign currency | $ | ( | $ | ( | ||||||
| Economic hedges | Foreign currency | ( | ( | ||||||||
| Total Foreign exchange (losses) gains – net | $ | ( | $ | ( | |||||||
| Other income (expense) | |||||||||||
| Economic hedges | Other | $ | $ | ( | |||||||
| Other comprehensive income (loss) | |||||||||||
| Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period | $ | ( | $ | ( | |||||||
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period | $ | ( | $ | ( | |||||||
| Amounts released from Accumulated other comprehensive income (loss) during the period | |||||||||||
| Cash flow hedge of foreign currency risk - loss/(gain) | $ | $ | |||||||||
(1) Other includes results from freight, energy, and other derivatives.
29
| Gain (Loss) Recognized in Income on Derivative Instruments | |||||||||||
| Nine months ended September 30, | |||||||||||
| (US$ in millions) | 2026 | 2025 | |||||||||
| Income statement classification | Type of derivative | ||||||||||
| Net sales | |||||||||||
| Hedge accounting | Foreign currency | $ | $ | ||||||||
| Cost of goods sold | |||||||||||
| Economic hedges | Foreign currency | $ | $ | ||||||||
| Commodities | ( | ||||||||||
Other (1) | ( | ||||||||||
| Total Cost of goods sold | $ | ( | $ | ||||||||
| Selling, general & administrative | |||||||||||
| Hedge accounting | Foreign exchange | $ | ( | $ | |||||||
| Interest expense | |||||||||||
| Hedge accounting | Interest rate | $ | ( | $ | ( | ||||||
| Foreign exchange (losses) gains – net | |||||||||||
| Hedge accounting | Foreign currency | $ | ( | $ | ( | ||||||
| Economic hedges | Foreign currency | ( | |||||||||
| Total Foreign exchange (losses) gains – net | $ | ( | $ | ||||||||
| Other income (expense) | |||||||||||
| Economic hedges | Other | $ | $ | ( | |||||||
| Other comprehensive income (loss) | |||||||||||
| Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period | $ | ( | $ | ||||||||
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period | $ | ( | $ | ( | |||||||
| Amounts released from Accumulated other comprehensive income (loss) during the period | |||||||||||
| Cash flow hedge of foreign currency risk - loss/(gain) | $ | $ | |||||||||
(1) Other includes results from freight, energy, and other derivatives.
30
13. DEBT
The following table summarizes Bunge's short and long-term debt:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | ||||||||||||
Short-term debt and Current portion of long-term debt: | ||||||||||||||
| Revolving credit facilities | $ | $ | ||||||||||||
| Commercial paper program | ||||||||||||||
| Other short-term debt | ||||||||||||||
Total Short-term debt (1) | ||||||||||||||
| Current portion of long-term debt | ||||||||||||||
Total Short-term debt and Current portion of long-term debt (2) | ||||||||||||||
Long-term debt: (3) | ||||||||||||||
Term loan due 2027 - SOFR plus | ||||||||||||||
Term loan due 2028 - SOFR plus | ||||||||||||||
Term loan due 2028 - SOFR plus | ||||||||||||||
Term loan due 2028 - SOFR plus | ||||||||||||||
| Cumulative adjustment to long-term debt from application of hedge accounting | ( | ( | ||||||||||||
| Other long-term debt | ||||||||||||||
Subtotal (5) | ||||||||||||||
| Less: Current portion of long-term debt | ( | ( | ||||||||||||
Total Long-term debt (6) | ||||||||||||||
| Total debt | $ | $ | ||||||||||||
(1) In the fourth quarter of 2025, Bunge completed the acquisition of ViOil. In connection with the acquisition, Bunge has recognized an obligation of $34 million at September 30, 2026 relating to deferred cash consideration to be settled within one year from the date of the close of the transaction.
(2) Includes secured debt of $696 million and $1,024 million at September 30, 2026 and December 31, 2025, respectively. The balance includes $252 million and $535 million of secured debt collateralized by inventory at September 30, 2026 and December 31, 2025, respectively.
(3) Variable interest rates are as of September 30, 2026.
(4) Bunge repaid the 2.00 % Senior Notes due 2026 and 3.25 % Senior Notes due 2026 upon their respective maturities in April and August 2026.
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(5) The fair value (Level 2) of long-term debt, including current portion, is $10,216 million and $10,220 million at September 30, 2026 and December 31, 2025, respectively. The fair value of Bunge's long-term debt is calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge.
(6) Includes secured debt of $152 million and $159 million at September 30, 2026 and December 31, 2025, respectively.
Updates to Revolving Credit Facilities
Effective October 2, 2026, Bunge extended the maturity date of its existing $1.1 billion 364-day revolving credit agreement (the "$1.1 Billion 364-Day Revolving Credit Agreement") to October 1, 2027. Bunge had no borrowings outstanding at September 30, 2026 under the $1.1 Billion 364-Day Revolving Credit Agreement.
Effective October 3, 2026, Bunge extended the maturity date of its existing $4.2 billion 5-year revolving credit agreement (the "$4.2 Billion Revolving Credit Agreement") to October 3, 2031. Bunge had no borrowings outstanding at September 30, 2026 under the $4.2 Billion Revolving Credit Agreement.
Also, effective October 3, 2026, Bunge extended the maturity date of its existing $3.5 billion 3-year revolving agreement (the "$3.5 Billion Revolving Facility Agreement") to October 3, 2029. Bunge had $1,150 million of borrowings outstanding at September 30, 2026 under the $3.5 Billion Revolving Facility Agreement.
Senior Notes
In March 2026, Bunge Limited Finance Corp ("BLFC"), a wholly owned finance subsidiary of Bunge, completed the sale and issuance of (i) $500 million aggregate principal amount of 4.800 % senior notes due 2033, and (ii) $700 million aggregate principal amount of 5.150 % senior notes due 2036 (collectively, the "March 2026 Senior Notes"). The March 2026 Senior Notes total an aggregate principal amount of $1.2 billion and are fully and unconditionally guaranteed by Bunge. The offering was made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-282003) filed by the Company and BLFC with the SEC. The net proceeds of the offering were approximately $1.19 billion after deducting underwriting commissions, the original issue discount, and offering fees and expenses payable by Bunge.
14. RELATED PARTY TRANSACTIONS
Bunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised approximately 7 3
In addition, Bunge receives services from and provides services to its unconsolidated investees, including tolling, port handling, administrative support, and other services. For the three and nine months ended September 30, 2026, and 2025, such services were not material to the Company’s consolidated results.
At September 30, 2026, and at December 31, 2025, receivables related to the above related party transactions comprised approximately 4 2
Further, as referenced in Note 6 - Other Current Assets and Note 7 - Other Non-Current Assets, Bunge provides certain advance payments for future delivery of specified quantities of agricultural commodities and advances to its unconsolidated investees. At September 30, 2026, and at December 31, 2025, advances to unconsolidated investees comprised approximately 4 5
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15. COMMITMENTS AND CONTINGENCIES
Bunge is party to claims and lawsuits, primarily from indemnities provided to third parties and labor claims in South America, arising in the normal course of business. Bunge is also involved from time to time in various contract, antitrust, environmental litigation and remediation, and other litigation, claims, government investigations, and legal proceedings. The ability to predict the ultimate outcome of such matters involves judgments, estimates, and inherent uncertainties. Bunge records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Bunge management does not expect these matters to have a material adverse effect on Bunge’s financial condition, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved should the liability substantially exceed the amount of provisions included in the condensed consolidated balance sheets. Information regarding the claims appears in Bunge’s Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026. Included in Other non-current liabilities as of September 30, 2026, and December 31, 2025, are the following amounts related to these matters:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | ||||||||||||
| Non-income tax claims | $ | $ | ||||||||||||
| Labor claims | ||||||||||||||
| Civil and other claims | ||||||||||||||
Asset retirement obligations | ||||||||||||||
| Total | $ | $ | ||||||||||||
Brazil Indirect Taxes - non-income tax claims - These tax claims relate to claims against Bunge’s Brazilian subsidiaries, primarily value-added tax claims (ICMS, ISS, IPI and PIS/COFINS) plus applicable interest and penalties on the outstanding amount.
As of September 30, 2026, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following:
| (US$ in millions) | Years Examined | September 30, 2026 | December 31, 2025 | ||||||||
| ICMS | 1990 to Present | $ | $ | ||||||||
| PIS/COFINS | 2002 to Present | $ | $ | ||||||||
Labor claims — The labor claims are principally against Bunge’s Brazilian subsidiaries. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits.
Civil and other claims — The civil and other claims relate to various disputes with third parties, including suppliers, customers, and government entities.
Guarantees — Bunge has issued or was a party to the following guarantees at September 30, 2026:
| (US$ in millions) | Recorded Liability | Maximum Potential Future Payments | |||||||||
Unconsolidated affiliates guarantee (1) | $ | $ | |||||||||
Residual value guarantee (2) | |||||||||||
| Total | $ | $ | |||||||||
(1) Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2041. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on the amounts drawn under guaranteed debt facilities at September 30, 2026, Bunge's potential liability was $148 million, and it has recorded $17 million of obligations related to these guarantees within Other current liabilities and Other non-current liabilities.
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(2) Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges, and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term, if certain terms are elected by Bunge. These leases expire at various dates from 2027 through 2031. At September 30, 2026, no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations.
Bunge Global SA has provided a guarantee to the Director of the Illinois Department of Agriculture as Trustee for Bunge North America, Inc. ("BNA"), an indirect wholly-owned subsidiary, which guarantees all amounts due and owing by BNA to grain producers and/or depositors in the State of Illinois who have delivered commodities to BNA’s Illinois facilities.
Indemnities—Over the years, Bunge has entered into various agreements to divest certain business activities which included indemnification provisions primarily related to legal claims. These indemnities have varying terms, with some expiring in 10 years or less and others having no stated expiration date. At both September 30, 2026 and December 31, 2025, Bunge recognized a $125 1.6
16. OTHER NON-CURRENT LIABILITIES
Other non-current liabilities consist of the following:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | |||||||||
| Labor, legal, and other provisions | $ | $ | |||||||||
| Pension, postretirement, and post-employment obligations | |||||||||||
Uncertain income tax positions (1) | |||||||||||
Unrealized losses on derivative contracts, at fair value (2) | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
(1)See Note 9 - Income Taxes.
(2)See Note 11 - Fair Value Measurements.
17. EQUITY
Share repurchase program — During the nine months ended September 30, 2026, Bunge repurchased 1,966,107 registered shares for $249 million under a previously existing share repurchase program, which was completed during the second quarter of 2026.
On March 9, 2026, Bunge Global SA's Board of Directors approved a new program for the repurchase of up to $3.0 billion of Bunge's issued and outstanding registered shares. Total remaining purchase authorizations were $3.0 billion as of September 30, 2026. The program has an indefinite term.
Dividends on registered shares — Bunge paid cash dividends to shareholders as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Dividends paid per share | $ | $ | $ | $ | |||||||||||||||||||
Dividend distributions are at the discretion of the Board of Directors and the approval of shareholders at a general meeting in accordance with Swiss law. On May 20, 2026, shareholders of Bunge Global SA approved a cash dividend distribution in the amount of $2.88 per share, payable in four equal quarterly installments of $0.72
34
Upon approval of a dividend, the obligation is reflected in Other current liabilities with a corresponding reduction in Retained earnings in the condensed consolidated balance sheet. At September 30, 2026, and December 31, 2025, the unpaid portion of the dividends accrued in Other current liabilities on the condensed consolidated balance sheets totaled $277 million and $135 million, respectively, see Note 10 - Other Current Liabilities.
Accumulated other comprehensive income (loss) attributable to Bunge — The following table summarizes the balances of related after-tax components of Accumulated other comprehensive income (loss) attributable to Bunge:
| (US$ in millions) | Foreign Exchange Translation Adjustment | Deferred Gains (Losses) on Hedging Activities | Pension and Other Postretirement Liability Adjustments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
| Balance, July 1, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
| Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||
| Amount reclassified from accumulated other comprehensive income (loss) | ( | ||||||||||||||||
| Balance, September 30, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
| (US$ in millions) | Foreign Exchange Translation Adjustment | Deferred Gains (Losses) on Hedging Activities | Pension and Other Postretirement Liability Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
| Balance, July 1, 2025 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||
| Amount reclassified from accumulated other comprehensive income (loss) | ||||||||||||||||||||
| Balance, September 30, 2025 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||
| (US$ in millions) | Foreign Exchange Translation Adjustment | Deferred Gains (Losses) on Hedging Activities | Pension and Other Postretirement Liability Adjustments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
| Balance, January 1, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
| Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||
| Amount reclassified from accumulated other comprehensive income (loss) | ( | ||||||||||||||||
| Balance, September 30, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
| (US$ in millions) | Foreign Exchange Translation Adjustment | Deferred Gains (Losses) on Hedging Activities | Pension and Other Postretirement Liability Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
| Balance, January 1, 2025 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||
| Amount reclassified from accumulated other comprehensive income (loss) | ||||||||||||||||||||
| Sale of redeemable noncontrolling interest | ||||||||||||||||||||
| Balance, September 30, 2025 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||
35
18. EARNINGS PER SHARE
Share information provided below, including references to Net income (loss) attributable to Bunge shareholders, Weighted-average number of shares outstanding, and Earnings per share have been calculated based on Bunge’s registered shares.
The following table sets forth the computation of basic and diluted earnings per share:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (US$ in millions, except for share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Income (loss) from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) from continuing operations attributable to Bunge | $ | $ | $ | $ | |||||||||||||||||||
| Income (loss) from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
| Net income (loss) attributable to Bunge shareholders | $ | $ | $ | $ | |||||||||||||||||||
| Weighted-average number of shares outstanding: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Effect of dilutive shares: | |||||||||||||||||||||||
—stock options and awards (1) | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
| Basic earnings per share: | |||||||||||||||||||||||
| Net income (loss) from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Net income (loss) from discontinued operations | ( | ( | |||||||||||||||||||||
| Net income (loss) attributable to Bunge shareholders—basic | $ | $ | $ | $ | |||||||||||||||||||
| Diluted earnings per share: | |||||||||||||||||||||||
| Net income (loss) from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Net income (loss) from discontinued operations | ( | ( | |||||||||||||||||||||
| Net income (loss) attributable to Bunge shareholders—diluted | $ | $ | $ | $ | |||||||||||||||||||
(1) The weighted-average shares outstanding-diluted exclude less than 1
19. SEGMENT INFORMATION
During the first quarter of 2026, the Other Oilseeds Processing and Refining segment was renamed to Tropical Oils and Specialty Ingredients. The segment name change had no impact on the composition of the Company’s existing four reportable segments, nor did it affect the Company’s previously reported segment results and consolidated financial statements. See Note 1 - Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies.
Therefore, the Company's operations are organized, managed, and classified into four reportable segments - Soybean Processing and Refining, Softseed Processing and Refining, Tropical Oils and Specialty Ingredients, and Grain Merchandising and Milling, organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other.
36
The 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. The 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 (canola/rapeseed and sunflower seed) and softseed related products, as well as biodiesel production and distribution. The Tropical Oils and Specialty Ingredients 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. The 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.
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 the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company’s chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company’s captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities.
Transfers between the segments are valued at market. The segment revenues generated from these transfers are shown in the following table as "Inter-segment revenues."
| Three Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Tropical Oils and Specialty Ingredients | Grain Merchandising and Milling | Eliminations | Total Reportable Segments | Corporate and Other | Total Bunge Consolidated | ||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | $ | — | $ | $ | $ | |||||||||||||||||
| Inter–segment revenues | ( | — | — | |||||||||||||||||||||||
| Raw materials cost | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Industrial expenses- fixed | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Industrial expenses- variable | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Depreciation | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Selling, general and administrative expenses | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
Other segment items (1) | ( | ( | ( | ( | ||||||||||||||||||||||
| EBIT | ( | ( | ||||||||||||||||||||||||
| Depreciation, depletion and amortization | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) from affiliates | ( | |||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Capital expenditures | ||||||||||||||||||||||||||
37
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Tropical Oils and Specialty Ingredients | Grain Merchandising and Milling | Eliminations | Total Reportable Segments | Corporate and Other | Total Bunge Consolidated | ||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | $ | — | $ | $ | $ | |||||||||||||||||
| Inter–segment revenues | ( | — | — | |||||||||||||||||||||||
| Raw materials cost | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Industrial expenses- fixed | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Industrial expenses- variable | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Depreciation | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Selling, general and administrative expenses | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
Other segment items (1) | ( | ( | ||||||||||||||||||||||||
| EBIT | ( | |||||||||||||||||||||||||
| Depreciation, depletion and amortization | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) from affiliates | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Capital expenditures | ||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Tropical Oils and Specialty Ingredients | Grain Merchandising and Milling | Eliminations | Total Reportable Segments | Corporate and Other | Total Bunge Consolidated | ||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | $ | — | $ | $ | $ | |||||||||||||||||
| Inter–segment revenues | ( | — | — | |||||||||||||||||||||||
| Raw materials cost | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Industrial expenses- fixed | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Industrial expenses- variable | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Depreciation | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Selling, general and administrative expenses | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
Other segment items (1) | ( | ( | ( | |||||||||||||||||||||||
| EBIT | ( | |||||||||||||||||||||||||
| Depreciation, depletion and amortization | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) from affiliates | ( | ( | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Capital expenditures | ||||||||||||||||||||||||||
38
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Tropical Oils and Specialty Ingredients | Grain Merchandising and Milling | Eliminations | Total Reportable Segments | Corporate and Other | Total Bunge Consolidated | ||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | $ | — | $ | $ | $ | |||||||||||||||||
| Inter–segment revenues | ( | — | — | |||||||||||||||||||||||
| Raw materials cost | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Industrial expenses- fixed | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Industrial expenses- variable | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Depreciation | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
| Selling, general and administrative expenses | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
Other segment items (1) | ( | |||||||||||||||||||||||||
| EBIT | ( | |||||||||||||||||||||||||
| Depreciation, depletion and amortization | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) from affiliates | ( | |||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Capital expenditures | ||||||||||||||||||||||||||
(1) Other segment items for each reportable segment includes Foreign exchange gains (losses) – net, Other income (expense) – net, Income (loss) from affiliates, and EBIT – Noncontrolling interests, which includes Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes.
A reconciliation of Total reportable segment EBIT to Income (loss) from continuing operations before income tax follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (US$ in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Total reportable segment EBIT | $ | $ | $ | $ | |||||||||||||||||||
| Corporate and Other EBIT | ( | ( | ( | ( | |||||||||||||||||||
| EBIT - Noncontrolling interests | |||||||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) from continuing operations before income tax | $ | $ | $ | $ | |||||||||||||||||||
39
The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging ("ASC 815") and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606):
| Three Months Ended September 30, 2026 | ||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Tropical Oils and Specialty Ingredients | Grain Merchandising and Milling | Corporate and Other | Total | ||||||||||||||
| Sales from commodity contracts (ASC 815) | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Sales from contracts with customers (ASC 606) | ||||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Tropical Oils and Specialty Ingredients | Grain Merchandising and Milling | Corporate and Other | Total | ||||||||||||||
| Sales from commodity contracts (ASC 815) | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Sales from contracts with customers (ASC 606) | ||||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Tropical Oils and Specialty Ingredients | Grain Merchandising and Milling | Corporate and Other | Total | ||||||||||||||
| Sales from commodity contracts (ASC 815) | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Sales from contracts with customers (ASC 606) | ||||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||
| (US$ in millions) | Soybean Processing and Refining | Softseed Processing and Refining | Tropical Oils and Specialty Ingredients | Grain Merchandising and Milling | Corporate and Other | Total | ||||||||||||||
| Sales from commodity contracts (ASC 815) | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Sales from contracts with customers (ASC 606) | ||||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | $ | $ | ||||||||||||||
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Cautionary Statement Regarding Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This Form 10-Q includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following factors, among others, could cause actual results to differ from these forward looking statements:
•the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia;
•the effect of weather conditions and the impact of crop and animal disease on our business;
•the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions;
•changes in government policies and laws affecting our business, including agricultural, trade, tariff and foreign investment policies, financial markets regulation and environmental, tax and biofuels regulation;
•the impact of seasonality;
•the outcome of pending regulatory and legal proceedings;
•our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s business combination with Viterra Limited;
•the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries;
•the effectiveness of our capital allocation plans, funding needs and financing sources;
•the effectiveness of our risk management strategies;
•operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents;
•changes in foreign exchange policy or rates;
•the impact of our dependence on third parties;
•our ability to attract and retain executive management and key personnel; and
•other factors affecting our business generally.
The forward looking statements included in this report are made only as of the date of this report, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.
You should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026 and “Part II — Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q for a more detailed discussion of these factors, as well as other risks and uncertainties set forth from time to time in reports subsequently filed with the SEC.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Third Quarter 2026 Overview
You should refer to "Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting Operating Results" in our Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of key factors affecting operating results in each of our business segments. In addition, you should refer to "Item 9A, Controls and Procedures" in our Annual Report on Form 10-K for the year ended December 31, 2025, and to "Item 4, Controls and Procedures" in this Quarterly Report on Form 10-Q for the period ended September 30, 2026, for a discussion of our internal controls over financial reporting.
Viterra Acquisition
On July 2, 2025, we completed our previously announced acquisition (the "Acquisition") of Viterra Limited ("Viterra"). Pursuant to the terms of the business combination agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025, and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra.
This section is inclusive of the results of operations of Viterra from the date of Acquisition. As such, the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances for the year-to-date results discussed throughout this section.
Non-U.S. GAAP Financial Measures
Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate the operating performance of Bunge’s reportable segments and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the EBIT of each of Bunge’s Soybean Processing and Refining, Softseed Processing and Refining, Tropical Oils and Specialty Ingredients, and Grain Merchandising and Milling reportable segments. Total EBIT is the aggregate of the EBIT of Bunge’s reportable segments, together with Corporate and Other activities. Bunge’s management believes Segment EBIT, Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of performance without regard to financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge shareholders, the most directly comparable U.S. GAAP financial measure. Further, Total EBIT excludes EBIT attributable to noncontrolling interests and 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 (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Net income (loss) attributable to Bunge shareholders to Total EBIT below.
Executive Summary
Net income (loss) attributable to Bunge shareholders - For the three months ended September 30, 2026, Net income attributable to Bunge shareholders was $318 million, an increase of $152 million compared to $166 million, for the three months ended September 30, 2025. For the nine months ended September 30, 2026, Net income attributable to Bunge shareholders was $1,064 million, an increase of $343 million, compared to $721 million for the nine months ended September 30, 2025. The increase for the three months ended September 30, 2026, was primarily due to higher Segment EBIT and Corporate and Other EBIT, as further described in the Segment Results section below, partially offset by higher income tax expense, as further described in the Consolidated Results of Operations section below. The increase for the nine months ended September 30, 2026, was primarily due to higher Segment EBIT, as further described in the Segment Results section below, partially offset by higher net interest expense as a result of increased debt levels to finance the Viterra Acquisition and fund working capital requirements, as well as higher income tax expense, as further described in the Consolidated Results of Operations section below.
Net income (loss) attributable to Bunge shareholders - Earnings per share - diluted - For the three months ended September 30, 2026, Net income attributable to Bunge shareholders - diluted, was $1.64 per share, an increase of $0.80 per share, compared to $0.84 per share for the three months ended September 30, 2025. For the nine months ended September 30, 2026, Net income attributable to Bunge shareholders - diluted, was $5.45 per share, an increase of $0.85 per share, compared to $4.60 per share for the nine months ended September 30, 2025. The increase for the three and nine months ended September 30, 2026 was primarily due to higher Net income (loss) attributable to Bunge shareholders discussed
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above. Further, the increase for the nine months ended September 30, 2026, was partially offset by dilution from the issuance of registered shares as part of the Viterra Acquisition.
Total EBIT - For the three months ended September 30, 2026, Total EBIT was $667 million, an increase of $264 million compared to $403 million for the three months ended September 30, 2025. For the nine months ended September 30, 2026, Total EBIT was $1,911 million, an increase of $642 million compared to Total EBIT of $1,269 million for the nine months ended September 30, 2025. The increase in Total EBIT for the three months ended September 30, 2026, was primarily due to higher Segment EBIT, resulting primarily from more favorable results in our Soybean Processing and Refining and Softseed Processing and Refining segments, and higher Corporate and Other EBIT, resulting from lower Selling, general and administrative expenses. The increase was partially offset by less favorable results in our Grain Merchandising and Milling and Tropical Oils and Specialty Ingredients segments. The increase in Total EBIT for the nine months ended September 30, 2026, was primarily due to higher Segment EBIT, resulting primarily from more favorable results in our Soybean Processing and Refining and Softseed Processing and Refining segments, partially offset by less favorable results in our Grain Merchandising and Milling segment. The Segment Overview section below provides further details as well as a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.
Liquidity and Capital Resources – At September 30, 2026, working capital, which equals Total current assets less Total current liabilities, was $9,774 million, a decrease of $848 million, compared to working capital of $10,622 million at September 30, 2025, and an increase of $510 million, compared to working capital of $9,264 million at December 31, 2025. The decrease in working capital at September 30, 2026, compared to September 30, 2025, was primarily due to higher Short-term debt and Trade accounts payable balances, as well as lower Cash and cash equivalents and Other current assets, partially offset by higher Inventories. The increase in working capital at September 30, 2026, compared to December 31, 2025, was primarily due to higher Inventories and Other current assets, partially offset by higher Short-term debt, Other current liabilities, and Trade accounts payable balances, as further described in the Liquidity and Capital Resources section below.
Consolidated Results of Operations
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net sales | $ | 23,804 | $ | 22,155 | 7 | % | $ | 69,706 | $ | 46,567 | 50 | % | |||||||||||||||||||||||
| Cost of goods sold | (22,472) | (21,092) | 7 | % | (65,927) | (44,169) | 49 | % | |||||||||||||||||||||||||||
| Gross profit | 1,332 | 1,063 | 25 | % | 3,779 | 2,398 | 58 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | (605) | (678) | (11) | % | (1,742) | (1,476) | 18 | % | |||||||||||||||||||||||||||
| Interest income | 20 | 57 | (65) | % | 108 | 162 | (33) | % | |||||||||||||||||||||||||||
| Interest expense | (208) | (202) | 3 | % | (586) | (412) | 42 | % | |||||||||||||||||||||||||||
| Foreign exchange gains (losses) – net | (63) | (55) | 15 | % | (183) | 14 | (1,407) | % | |||||||||||||||||||||||||||
| Other income (expense) – net | 17 | 77 | (78) | % | 109 | 346 | (68) | % | |||||||||||||||||||||||||||
| Income (loss) from affiliates | 22 | 8 | 175 | % | 34 | 16 | 113 | % | |||||||||||||||||||||||||||
| Income (loss) before income tax | 515 | 270 | 91 | % | 1,519 | 1,048 | 45 | % | |||||||||||||||||||||||||||
| Income tax (expense) benefit | (168) | (86) | 95 | % | (390) | (290) | 34 | % | |||||||||||||||||||||||||||
| Income (loss) from continuing operations | 347 | 184 | 89 | % | 1,129 | 758 | 49 | % | |||||||||||||||||||||||||||
| Income (loss) from discontinued operations, net of tax | — | (3) | (100) | % | — | (3) | (100) | % | |||||||||||||||||||||||||||
| Net income (loss) | 347 | 181 | 92 | % | 1,129 | 755 | 50 | % | |||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | (29) | (15) | 93 | % | (65) | (34) | 91 | % | |||||||||||||||||||||||||||
| Net income (loss) attributable to Bunge shareholders | $ | 318 | $ | 166 | 92 | % | $ | 1,064 | $ | 721 | 48 | % | |||||||||||||||||||||||
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Net sales – Net sales increased 7%, to $23,804 million for the three months ended September 30, 2026. See Reportable Segments section below for further discussion.
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Cost of goods sold - Cost of goods sold increased 7%, to $22,472 million for the three months ended September 30, 2026. The increase in Cost of goods sold was primarily due to higher Net sales, as well as current period charges related to the announced sale of two sugarcane mills in Brazil, which included $66 million of impairment charges and $16 million of hedge losses (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements), and $10 million of charges related to losses from inventory damage sustained in relation to the Ukraine-Russia war. The increases were partially offset by more favorable mark-to-market results in the current period.
Selling, general, and administrative expenses - Selling, general, and administrative expenses decreased 11%, to $605 million for the three months ended September 30, 2026. The decrease is primarily due to lower acquisition and integration costs associated with the Viterra Acquisition.
Interest - Interest income decreased 65%, to $20 million for the three months ended September 30, 2026. Interest expense increased 3%, to $208 million for the three months ended September 30, 2026. Lower Interest income is the result of lower average balances in Cash and cash equivalents, as well as lower balances in marketable securities and other short-term investments due to funding strategies in Argentina in the prior year. Higher Interest expense is a result of higher debt levels, driven by higher working capital requirements, partially offset by lower average interest rates.
Foreign exchange gains (losses) – net - Foreign exchange gains (losses) – net increased 15%, to a loss of $63 million for the three months ended September 30, 2026 from a loss of $55 million for the three months ended September 30, 2025. The net loss in the current quarter primarily reflects the impact of hedging costs attributable to monetary assets in South America and losses on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations.
Other income (expense) - net - Other income (expense) - net decreased 78%, to $17 million for the three months ended September 30, 2026. The decrease was primarily due to lower gains in Argentina related to foreign currency positioning compared to the prior year.
Income tax (expense) benefit - Income tax (expense) benefit increased 95%, to an income tax expense of $168 million for the three months ended September 30, 2026. The increase in income tax expense for the three months ended September 30, 2026 was primarily due to higher pre-tax income in 2026. Income tax expense for the three months ended September 30, 2026 included the recognition of a deferred tax valuation allowance resulting from the Ukraine-Russia war.
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Net sales – Net sales increased 50%, to $69,706 million for the nine months ended September 30, 2026. See Reportable Segments section below for further discussion.
Cost of goods sold - Cost of goods sold increased 49%, to $65,927 million for the nine months ended September 30, 2026. The increase in Cost of goods sold was primarily due to higher Net sales, as well as current period charges related to the announced sale of two sugarcane mills in Brazil, which included $66 million of impairment charges and $16 million of hedge losses (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements), and $10 million of charges related to losses from inventory damage sustained in relation to the Ukraine-Russia war. The increases were partially offset by favorable mark-to-market results in the current period.
Selling, general, and administrative expenses - Selling, general, and administrative expenses increased 18%, to $1,742 million for the nine months ended September 30, 2026. The increase is primarily due to increased labor costs as a result of the Viterra Acquisition, partially offset by lower acquisition and integration costs associated with the Viterra Acquisition.
Interest - Interest income decreased 33%, to $108 million for the nine months ended September 30, 2026. Interest expense increased 42%, to $586 million for the nine months ended September 30, 2026. Lower Interest income is the result of lower average balances in Cash and cash equivalents. Higher Interest expense is a result of higher debt levels, driven by the financing of the Viterra Acquisition and higher working capital requirements, partially offset by lower average interest rates.
Foreign exchange gains (losses) – net - Foreign exchange gains (losses) – net decreased 1,407%, to a loss of $183 million for the nine months ended September 30, 2026 from a gain of $14 million for the nine months ended September 30, 2025. The net loss in the current period primarily reflects the impact of hedging costs attributable to monetary assets in South America, as well as additional losses in South America on net monetary assets due to a weaker U.S. dollar. These losses are partially offset by gains on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations.
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Other income (expense) - net - Other income (expense) - net decreased 68%, to a gain of $109 million for the nine months ended September 30, 2026. The decrease was primarily due to the absence of a $155 million prior year gain on the sale of Bunge's North America corn milling business recognized in the second quarter of 2025, as well as lower gains in Argentina related to foreign currency positioning compared to the prior year.
Income tax (expense) benefit - Income tax (expense) benefit increased 34%, to an income tax expense of $390 million for the nine months ended September 30, 2026. The increase in income tax expense for the nine months ended September 30, 2026 was primarily due to higher pre-tax income in 2026. Income tax expense for the nine months ended September 30, 2026 included the recognition of a deferred tax valuation allowance resulting from the Ukraine-Russia war.
Segment Overview
During the first quarter of 2026, the Other Oilseeds Processing and Refining segment was renamed to Tropical Oils and Specialty Ingredients. The segment name change had no impact on the composition of the Company’s existing four reportable segments, nor did it affect the Company’s previously reported segment results or the consolidated financial statements. See Note 19 - Segment Information to our condensed consolidated financial statements.
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, Tropical Oils and Specialty Ingredients, 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.
A reconciliation of Net income (loss) attributable to Bunge shareholders to Total EBIT follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (US$ in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income (loss) attributable to Bunge shareholders | $ | 318 | $ | 166 | $ | 1,064 | $ | 721 | |||||||||||||||
| Interest income | (20) | (57) | (108) | (162) | |||||||||||||||||||
| Interest expense | 208 | 202 | 586 | 412 | |||||||||||||||||||
| Income tax expense (benefit) | 168 | 86 | 390 | 290 | |||||||||||||||||||
| Income (loss) from discontinued operations, net of tax | — | 3 | — | 3 | |||||||||||||||||||
| Noncontrolling interests' share of interest and tax | (7) | 3 | (21) | 5 | |||||||||||||||||||
| Total EBIT | $ | 667 | $ | 403 | $ | 1,911 | $ | 1,269 | |||||||||||||||
| Soybean Processing and Refining | 547 | 337 | 1,560 | 1,068 | |||||||||||||||||||
| Softseed Processing and Refining | 353 | 236 | 702 | 337 | |||||||||||||||||||
| Tropical Oils and Specialty Ingredients | 13 | 77 | 99 | 72 | |||||||||||||||||||
| Grain Merchandising and Milling | (74) | 21 | 23 | 254 | |||||||||||||||||||
| Segment EBIT | 839 | 671 | 2,384 | 1,731 | |||||||||||||||||||
| Corporate and Other EBIT | (172) | (268) | (473) | (462) | |||||||||||||||||||
| Total EBIT | $ | 667 | $ | 403 | $ | 1,911 | $ | 1,269 | |||||||||||||||
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Reportable Segments
Soybean Processing and Refining
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (US$ in millions, except volumes) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Volumes (in thousand metric tons) | |||||||||||||||||||||||||||||||||||
| Soybeans processed | 11,745 | 12,139 | (3) | % | 34,026 | 29,553 | 15 | % | |||||||||||||||||||||||||||
| Soybeans merchandised | 5,274 | 7,246 | (27) | % | 18,453 | 13,577 | 36 | % | |||||||||||||||||||||||||||
| Refined soy oil production | 1,051 | 932 | 13 | % | 2,841 | 2,693 | 5 | % | |||||||||||||||||||||||||||
| Net sales | $ | 11,442 | $ | 10,857 | 5 | % | $ | 33,065 | $ | 25,268 | 31 | % | |||||||||||||||||||||||
| Cost of goods sold | (10,646) | (10,359) | 3 | % | (30,817) | (23,877) | 29 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | (174) | (143) | 22 | % | (481) | (365) | 32 | % | |||||||||||||||||||||||||||
| Foreign exchange (losses) gains – net | (42) | (42) | — | % | (142) | 9 | (1,678) | % | |||||||||||||||||||||||||||
| EBIT attributable to noncontrolling interests | (31) | (3) | 933 | % | (65) | (13) | 400 | % | |||||||||||||||||||||||||||
| Other income (expense) – net | (12) | 21 | (157) | % | (15) | 27 | (156) | % | |||||||||||||||||||||||||||
| Income (loss) from affiliates | 10 | 6 | 67 | % | 15 | 19 | (21) | % | |||||||||||||||||||||||||||
| Total Soybean Processing and Refining Segment EBIT | $ | 547 | $ | 337 | 62 | % | $ | 1,560 | $ | 1,068 | 46 | % | |||||||||||||||||||||||
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Soybean Processing and Refining segment Net sales increased 5%, to $11,442 million for the three months ended September 30, 2026. The increase was primarily due to higher prices in most regions due to strong global demand driven by biofuel mandates in North America, the conflict with Iran, and tensions in the Black Sea as a result of the Ukraine-Russia war. The increase was partially offset by lower processed volumes in Argentina and lower oilseeds merchandised in our global soybean distribution business partially due to a more normalized export environment in Argentina compared to the prior year.
Segment EBIT increased 62%, to $547 million for the three months ended September 30, 2026. The increase was primarily driven by higher results in most regions in our processing businesses due to a more favorable processing environment and more favorable mark-to-market results.
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Soybean Processing and Refining segment Net sales increased 31%, to $33,065 million for the nine months ended September 30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, as well as higher prices in most regions due to strong global demand driven by biofuel mandates in North America, the conflict with Iran, and tensions in the Black Sea as a result of the Ukraine-Russia war. Volumes are relatively stable compared to the prior period in the legacy businesses.
Segment EBIT increased 46%, to $1,560 million for the nine months ended September 30, 2026. The increase was primarily driven by higher results in all regions in our processing businesses due to a more favorable processing environment. The current period results are partially offset by foreign currency losses recognized in the current year on remeasurement of foreign denominated balances in South America, as well as higher Selling, general and administrative expenses in the current period as a result of the Viterra Acquisition.
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Softseed Processing and Refining
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (US$ in millions, except volumes) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Volumes (in thousand metric tons) | |||||||||||||||||||||||||||||||||||
| Softseeds processed | 3,606 | 3,129 | 15 | % | 10,377 | 7,270 | 43 | % | |||||||||||||||||||||||||||
| Softseeds merchandised | 743 | 1,032 | (28) | % | 3,445 | 1,142 | 202 | % | |||||||||||||||||||||||||||
| Refined softseed oil production | 872 | 711 | 23 | % | 2,619 | 2,102 | 25 | % | |||||||||||||||||||||||||||
| Net sales | $ | 4,302 | $ | 3,661 | 18 | % | $ | 12,301 | $ | 6,707 | 83 | % | |||||||||||||||||||||||
| Cost of goods sold | (3,865) | (3,372) | 15 | % | (11,428) | (6,264) | 82 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | (70) | (58) | 21 | % | (194) | (131) | 48 | % | |||||||||||||||||||||||||||
| Foreign exchange (losses) gains – net | (8) | 11 | (173) | % | 40 | 43 | (7) | % | |||||||||||||||||||||||||||
| EBIT attributable to noncontrolling interests | — | (1) | (100) | % | (3) | (2) | 50 | % | |||||||||||||||||||||||||||
| Other income (expense) – net | (4) | (5) | (20) | % | (10) | (10) | — | % | |||||||||||||||||||||||||||
| Income (loss) from affiliates | (2) | — | 100 | % | (4) | (6) | (33) | % | |||||||||||||||||||||||||||
| Total Softseed Processing and Refining Segment EBIT | $ | 353 | $ | 236 | 50 | % | $ | 702 | $ | 337 | 108 | % | |||||||||||||||||||||||
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Softseed Processing and Refining segment Net sales increased 18%, to $4,302 million for the three months ended September 30, 2026. The increase was primarily due to higher processed volumes in all regions due to a more favorable processing environment, as well as higher volumes in Europe due to activity in Ukraine as a result of the acquisition of an oilseed crush facility from Varthomio completed in the fourth quarter of 2025. The increase was also attributable to higher average sales prices driven by strong demand from global biofuel mandates, a tighter global supply following limited crop availability in Europe and the Black Sea due to the Ukraine-Russia war, elevated global energy prices as a result of the conflict with Iran, and sustained export meal and seeds demand.
Segment EBIT increased 50%, to $353 million for the three months ended September 30, 2026. The increase was primarily due to improved results in North America due to strong demand that drove higher prices as described above, as well as favorable mark-to-market results in the current period. The increase was partially offset by $10 million of charges resulting from the Ukraine-Russia war, primarily related to losses from inventory damage.
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Softseed Processing and Refining segment Net sales increased 83%, to $12,301 million for the nine months ended September 30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra, as well as higher average sales prices driven by strong demand from global biofuel mandates, a tighter global supply following limited crop availability in Europe and the Black Sea due to the Ukraine-Russia war, elevated global energy prices as a result of the conflict with Iran, and sustained export meal and seeds demand. Softseeds processed were also higher in all regions due to a more favorable processing environment, as well as higher volumes in Europe due to activity in Ukraine as a result of the acquisition of an oilseed crush facility from Varthomio completed in the fourth quarter of 2025.
Segment EBIT increased 108%, to $702 million for the nine months ended September 30, 2026. The increase was primarily due to improved results across all regions due to a more favorable processing environment supported by strong demand and tighter global supply described above. The increase was partially offset by less favorable mark-to-market results in the current period and $10 million of charges resulting from the Ukraine-Russia war, primarily related to losses from inventory damage.
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Tropical Oils and Specialty Ingredients
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (US$ in millions, except volumes) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Volumes (in thousand metric tons) | 674 | 639 | 5 | % | 1,973 | 1,881 | 5 | % | |||||||||||||||||||||||||||
| Net sales | $ | 1,295 | $ | 1,207 | 7 | % | $ | 3,782 | $ | 3,442 | 10 | % | |||||||||||||||||||||||
| Cost of goods sold | (1,220) | (1,063) | 15 | % | (3,481) | (3,174) | 10 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | (59) | (57) | 4 | % | (180) | (176) | 2 | % | |||||||||||||||||||||||||||
| Foreign exchange (losses) gains – net | — | (2) | 100 | % | (4) | (5) | (20) | % | |||||||||||||||||||||||||||
| EBIT attributable to noncontrolling interests | (1) | (8) | (88) | % | (12) | (10) | 20 | % | |||||||||||||||||||||||||||
| Other income (expense) – net | (2) | — | 100 | % | (6) | (5) | 20 | % | |||||||||||||||||||||||||||
| Total Tropical Oils and Specialty Ingredients Segment EBIT | $ | 13 | $ | 77 | (83) | % | $ | 99 | $ | 72 | 38 | % | |||||||||||||||||||||||
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Tropical Oils and Specialty Ingredients segment Net sales increased 7%, to $1,295 million for the three months ended September 30, 2026. The increase was primarily due to higher volumes in our tropical oils business, as well as higher volumes in our proteins business driven by the opening of our production facility in the United States and the acquisition of certain businesses of International Flavors and Fragrances, Inc. ("IFF") in the first quarter of 2026 (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements). Prices were also higher driven by higher commodity prices due to stronger vegetable oil demand, global biofuel mandates, and the conflict with Iran.
Segment EBIT decreased 83%, to $13 million for the three months ended September 30, 2026. The decrease was primarily due to lower results in our tropical oils business driven by less favorable mark-to-market results relative to the prior year as well as current period margin impacts associated with geopolitical trade disruptions.
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Tropical Oils and Specialty Ingredients segment Net sales increased 10%, to $3,782 million for the nine months ended September 30, 2026. The increase was primarily due to higher volumes in our tropical oils business, as well as higher volumes in our proteins business following the opening of our production facility in the United States and the acquisition of certain businesses of IFF in the first quarter of 2026 (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements). The increase was also due to higher sales prices in our tropical oils business driven by higher commodity prices due to stronger vegetable oil demand, global biofuel mandates, and the conflict with Iran.
Segment EBIT increased 38%, to $99 million for the nine months ended September 30, 2026. The increase was primarily due to higher results in our tropical oils business due to higher Net sales described above, as well as more favorable mark-to-market results relative to the prior year, partially offset by lower margins as a result of commissioning, ramp-up, and plant transition costs related to both our tropical oils and proteins businesses.
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Grain Merchandising and Milling
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (US$ in millions) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Volumes (in thousand metric tons) | 23,806 | 24,080 | (1) | % | 74,216 | 40,972 | 81 | % | |||||||||||||||||||||||||||
| Net sales | $ | 6,764 | $ | 6,428 | 5 | % | $ | 20,555 | $ | 11,146 | 84 | % | |||||||||||||||||||||||
| Cost of goods sold | (6,714) | (6,285) | 7 | % | (20,171) | (10,845) | 86 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | (133) | (145) | (8) | % | (389) | (266) | 46 | % | |||||||||||||||||||||||||||
| Foreign exchange (losses) gains – net | (19) | (15) | 27 | % | (75) | (41) | 83 | % | |||||||||||||||||||||||||||
| EBIT attributable to noncontrolling interests | (6) | (1) | 500 | % | (9) | (6) | 50 | % | |||||||||||||||||||||||||||
| Other income (expense) – net | 21 | 37 | (43) | % | 88 | 263 | (67) | % | |||||||||||||||||||||||||||
| Income (loss) from affiliates | 13 | 2 | 550 | % | 24 | 3 | 700 | % | |||||||||||||||||||||||||||
| Total Grain Merchandising and Milling Segment EBIT | $ | (74) | $ | 21 | (452) | % | $ | 23 | $ | 254 | (91) | % | |||||||||||||||||||||||
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Grain Merchandising and Milling segment Net sales increased 5%, to $6,764 million for the three months ended September 30, 2026. The increase was primarily due to higher average sales prices in our global corn and wheat businesses as a result of global supply concerns from factors such as tensions in the Black Sea resulting from the Ukraine-Russia war and a smaller crop in North America, as well as higher volumes in our global cotton and South American wheat milling businesses. The increases were partially offset by lower volumes in our global corn business due to decreased demand.
Segment EBIT decreased 452%, to a loss of $74 million for the three months ended September 30, 2026. The decrease was primarily due to charges related to the announced sale of two sugarcane mills in Brazil, which included $66 million of impairment charges and $16 million of hedge losses, as well as lower results in our ocean freight business due to unfavorable timing of vessel-related costs in the current year. The decreases were partially offset by more favorable mark-to-market results in certain other business.
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Grain Merchandising and Milling segment Net sales increased 84%, to $20,555 million for the nine months ended September 30, 2026. The increase was primarily due to Net sales contributions from the Acquisition of Viterra. In addition, prices in our global corn and wheat businesses increased as a result of global supply concerns from factors such as tensions in the Black Sea resulting from the Ukraine-Russia war and a smaller crop in North America. Volumes were also higher in our global corn and wheat businesses, as well as our South American wheat milling business. The above increases were partially offset by the lack of recurring sales in the first half of the year from our North American corn milling business that was divested in the second quarter of 2025.
Segment EBIT decreased 91%, to $23 million for the nine months ended September 30, 2026. The decrease was primarily due to the absence of a prior year $155 million gain on the sale of Bunge's North America corn milling business recognized in the second quarter of 2025, higher Selling, general and administrative expenses in the current period as a result of the Viterra Acquisition, and charges related to the announced sale of two sugarcane mills in Brazil, which included $66 million of impairment charges and $16 million of hedge losses (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements). The decrease was partially offset by more favorable results driven by contributions from the Acquisition of Viterra, the financial services business, and our South American wheat milling business.
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Corporate and Other
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (US$ in millions) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Net sales | $ | 1 | $ | 2 | (50) | % | $ | 3 | $ | 4 | (25) | % | |||||||||||||||||||||||
| Cost of goods sold | (27) | (13) | 108 | % | (30) | (9) | 233 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | (169) | (275) | (39) | % | (498) | (538) | (7) | % | |||||||||||||||||||||||||||
| Foreign exchange (losses) gains – net | 6 | (7) | 186 | % | (2) | 8 | (125) | % | |||||||||||||||||||||||||||
| EBIT attributable to noncontrolling interests | 2 | 1 | 100 | % | 3 | 2 | 50 | % | |||||||||||||||||||||||||||
| Other income (expense) – net | 14 | 24 | (42) | % | 52 | 71 | (27) | % | |||||||||||||||||||||||||||
| Income (loss) from affiliates | 1 | — | 100 | % | (1) | — | (100) | % | |||||||||||||||||||||||||||
| Total Corporate and Other EBIT | $ | (172) | $ | (268) | 36 | % | $ | (473) | $ | (462) | (2) | % | |||||||||||||||||||||||
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Corporate and Other EBIT increased 36%, to a loss of $172 million for the three months ended September 30, 2026. The increase was primarily driven by a decrease in Selling, general and administrative expenses as a result of lower acquisition and integration costs in the current year associated with the Viterra Acquisition as well as lower performance-based compensation expenses. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $21 million, and $101 million for the three months ended September 30, 2026 and September 30, 2025, respectively.
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Corporate and Other EBIT decreased 2%, to a loss of $473 million for the nine months ended September 30, 2026. The decrease was primarily due to an increase in Cost of goods sold as a result of losses in our captive insurance program, as well as lower Other income (expense) - net. The decrease was partially offset by a decrease in Selling, general and administrative expenses as a result of lower acquisition and integration costs in the current year associated with the Viterra Acquisition. The Company recognized acquisition and integration costs within Corporate and Other EBIT of $91 million and $171 million for the nine months ended September 30, 2026 and September 30, 2025, respectively.
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Liquidity and Capital Resources
Our main financial objectives are to prudently manage financial risks, ensure consistent access to liquidity and minimize cost of capital in order to efficiently finance our business and maintain balance sheet strength. We generally finance our ongoing operations with cash flows generated from operations, issuances of commercial paper, borrowings under various bilateral and syndicated revolving credit facilities, term loans, and proceeds from the issuance of senior notes. Acquisitions and long-lived assets are generally financed with a combination of equity and long-term debt.
Working Capital
| As of | |||||||||||||||||
| (US$ in millions, except current ratio) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| Cash and cash equivalents | $ | 524 | $ | 1,135 | $ | 1,315 | |||||||||||
| Trade accounts receivable, net | 4,137 | 3,870 | 3,494 | ||||||||||||||
| Inventories | 16,624 | 13,198 | 13,312 | ||||||||||||||
Other current assets (1) | 7,924 | 6,188 | 8,598 | ||||||||||||||
| Total current assets | $ | 29,209 | $ | 24,391 | $ | 26,719 | |||||||||||
| Short-term debt | $ | 6,471 | $ | 3,883 | $ | 4,446 | |||||||||||
| Current portion of long-term debt | 1,331 | 1,337 | 1,334 | ||||||||||||||
| Trade accounts payable | 5,576 | 4,881 | 4,780 | ||||||||||||||
| Current operating lease obligations | 480 | 499 | 491 | ||||||||||||||
Other current liabilities (2) | 5,577 | 4,527 | 5,046 | ||||||||||||||
| Total current liabilities | $ | 19,435 | $ | 15,127 | $ | 16,097 | |||||||||||
Working capital (3) | $ | 9,774 | $ | 9,264 | $ | 10,622 | |||||||||||
Current ratio (3) | 1.50 | 1.61 | 1.66 | ||||||||||||||
(1) Comprises Time deposits under trade structured finance program, Assets held for sale, and Other current assets
(2) Comprises Letter of credit obligations under trade structured finance program, Liabilities held for sale, and Other current liabilities
(3) Working capital is defined as Total current assets less Total current liabilities; Current ratio represents Total current assets divided by Total current liabilities
Working capital was $9,774 million at September 30, 2026, an increase of $510 million from working capital of $9,264 million at December 31, 2025, and a decrease of $848 million from working capital of $10,622 million at September 30, 2025.
Cash and Cash Equivalents - Cash and cash equivalents were $524 million at September 30, 2026, a decrease of $611 million from $1,135 million at December 31, 2025, and a decrease of $791 million from $1,315 million at September 30, 2025. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, commercial paper programs with highly rated institutions, and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for further details regarding the factors giving rise to the change in Cash and cash equivalents during the nine months ended September 30, 2026.
Trade accounts receivable, net - Trade accounts receivable, net were $4,137 million at September 30, 2026, an increase of $267 million from $3,870 million at December 31, 2025, and an increase of $643 million from $3,494 million at September 30, 2025. The increases from December 31, 2025 and September 30, 2025 were primarily due to higher average sales prices driven by factors described in the Segment Overview section above, which were partially offset by higher receivables sold into our securitization program.
Inventories - Inventories were $16,624 million at September 30, 2026, an increase of $3,426 million from $13,198 million at December 31, 2025, and an increase of $3,312 million from $13,312 million at September 30, 2025. The increase from December 31, 2025 was primarily due to increased soybean volumes in conjunction with the timing of the South
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American harvest, as well as higher prices on most commodities, partially offset by decreased volumes for certain commodities. The increase from September 30, 2025 was primarily due to higher average prices on most commodities, partially offset by decreased volumes for certain commodities.
RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, softseeds, softseed oil, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value was $14,696 million, $11,361 million, and $11,514 million at September 30, 2026, December 31, 2025, and September 30, 2025, respectively (see Note 5 - Inventories to our condensed consolidated financial statements).
Other current assets - Other current assets were $7,924 million at September 30, 2026, an increase of $1,736 million from $6,188 million at December 31, 2025, and a decrease of $674 million from $8,598 million at September 30, 2025. The increase from December 31, 2025 was attributable to an increase in unrealized gains on derivative contracts at fair value as a result of volatile commodity prices and exchange rate fluctuations, an increase in Assets held for sale primarily related to the announced sale of our two sugarcane mills in Brazil (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements), an increase in margin deposits, and an increase in prepaid commodity purchase contracts in conjunction with the timing of the South American harvest. These increases were partially offset by a reduction in marketable securities and other short-term investments based on dynamic investment strategies in South America, the reduction of time deposits under the trade structured finance program, and the collection of our $80 million disposition receivable resulting from the sale of 40% of our Spanish operating subsidiary. The decrease from September 30, 2025 was attributable to a reduction in marketable securities and other short-term investments based on dynamic investment strategies in South America, a reduction in time deposits under the trade structured finance program, and the collection of our $80 million disposition receivable as noted above. The decreases were partially offset by an increase in margin deposits, an increase in unrealized gains on derivative contracts at fair value as a result of volatile commodity prices and exchange rate fluctuations, and an increase in Assets held for sale primarily related to the announced sale of our two sugarcane mills in Brazil as noted above.
Short-term debt - Short-term debt, including the Current portion of long-term debt, was $7,802 million at September 30, 2026, an increase of $2,582 million from $5,220 million at December 31, 2025, and an increase of $2,022 million from $5,780 million at September 30, 2025. The higher short-term debt level at September 30, 2026, compared to December 31, 2025 was due to higher borrowings by Bunge under its commercial paper program and revolving credit facilities to fund higher working capital requirements. The increase from September 30, 2025 was due to higher borrowings by Bunge under its revolving credit facilities and higher borrowings under bilateral short-term credit lines entered into through our financing subsidiaries to fund working capital requirements, partially offset by lower borrowings under the commercial paper program. The Current portion of long-term debt remained relatively unchanged at September 30, 2026 compared to December 31, 2025 and September 30, 2025 as the repayments of the 2.00% Senior Notes due 2026 and 3.25% Senior Notes due 2026 upon their respective maturities in April and August 2026, were offset by two tranches of senior notes due in 2027 and the $250 million term loan due 2027 in the current period.
Trade accounts payable - Trade accounts payable were $5,576 million at September 30, 2026, an increase of $695 million from $4,881 million at December 31, 2025, and an increase of $796 million from $4,780 million at September 30, 2025. The increase from December 31, 2025 was primarily due to higher inventory volumes in conjunction with the South American harvest and higher average commodity prices. The increase from September 30, 2025 was primarily due to higher average commodity prices in the current period.
Other current liabilities - Other current liabilities were $5,577 million at September 30, 2026, an increase of $1,050 million from $4,527 million at December 31, 2025, and an increase of $531 million from $5,046 million at September 30, 2025. The increase from December 31, 2025 and September 30, 2025 was primarily due to an increase in unrealized losses on derivative contracts as a result of volatile commodity prices and higher Liabilities held for sale related to the announced sale of our two sugarcane mills in Brazil (see Note 2 - Acquisitions and Dispositions to our condensed consolidated financial statements), partially offset by lower letter of credit obligations under the trade structured finance program. Additionally, the increase from December 31, 2025 is partially offset by lower advances on sales driven by timing of receipts in North America.
Debt
As highlighted in Note 13 - Debt and discussed further below, we utilize a variety of debt financing structures to maintain financial flexibility to meet our various financial objectives.
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Revolving Credit Facilities — At September 30, 2026, we had $8,515 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities. The following table summarizes these facilities as of the periods presented:
| (US$ in millions) | Committed Capacity | Borrowings Outstanding | ||||||||||||||||||||||||||||||
| Revolving Credit Facilities | Maturities (1) | September 30, 2026 | September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||
| $1.1 Billion 364-Day Revolving Credit Agreement | 2026 | $ | 1,100 | $ | — | $ | — | |||||||||||||||||||||||||
| $3.5 Billion Revolving Facility Agreement | 2028 | 3,500 | 1,150 | 600 | ||||||||||||||||||||||||||||
| $4.2 Billion Revolving Credit Agreement | 2030 | 4,200 | — | — | ||||||||||||||||||||||||||||
| $865 Million Revolving Credit Agreement | 2030 | 865 | — | — | ||||||||||||||||||||||||||||
| Total Revolving Credit Facilities | $ | 9,665 | $ | 1,150 | $ | 600 | ||||||||||||||||||||||||||
(1)See Note 13 - Debt to our condensed consolidated financial statements for a description of current period activity related to these facilities, including October 2026 actions resulting in extended maturities.
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) | September 30, 2026 | September 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||
| $3 Billion Commercial Paper Program | $ | 3,000 | $ | 2,073 | $ | 300 | ||||||||||||||||||||||||||
(1)The short-term credit ratings of the commercial paper program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding.
Short and long-term debt —
| As of | |||||||||||||||||
| US$ in millions | September 30, 2026 | September 30, 2025 | December 31, 2025 | ||||||||||||||
| Short-term debt | $ | 6,471 | $ | 4,446 | $ | 3,883 | |||||||||||
| Long-term debt, including current portion | 10,275 | 11,143 | 10,168 | ||||||||||||||
| Total debt | $ | 16,746 | $ | 15,589 | $ | 14,051 | |||||||||||
Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | Year Ended December 31, 2025 | |||||||||||||||
| Average total debt outstanding | $ | 15,332 | $ | 10,025 | $ | 11,153 | |||||||||||
Our total debt was $16,746 million at September 30, 2026, an increase of $2,695 million from $14,051 million at December 31, 2025, and an increase of $1,157 million from $15,589 million at September 30, 2025. The higher total debt level at September 30, 2026, compared to December 31, 2025 was primarily due to an increase in short-term borrowings as described above and an increase in long-term debt, including current portion, due to the issuance of two tranches of senior notes for an aggregate principal amount of $1.2 billion in March 2026, and the issuance of $600 million senior notes in August 2026 (collectively, the "2026 Senior Notes"), partially offset by repayment of the 2.00% Senior Notes due 2026 and 3.25% Senior Notes due 2026 upon their respective maturities in April and August 2026. The higher total debt levels compared to September 30, 2025 were due to an increase in short-term borrowings as described above. The increase was partially offset by a decrease in long-term debt, including current portion, due the repayment of $1.0 billion in term loans, and the repayments of the 2.00% Senior Notes due 2026 and 3.25% Senior Notes due 2026 upon their respective maturities described above. These decreases were partially offset by the issuance of the 2026 Senior Notes. See Note 13 - Debt to our condensed consolidated financial statements for further information.
From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. There were $880 million, $900 million, and $100 million borrowings outstanding under these bilateral short-term credit lines at September 30, 2026, December 31, 2025, and September 30, 2025, respectively. The increase compared to September 30, 2025 is primarily to support working capital requirements.
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In addition, Bunge's operating companies had $2,368 million, $2,083 million, and $2,051 million in short-term borrowings outstanding from local bank facilities at September 30, 2026, December 31, 2025, and September 30, 2025, respectively, to support working capital requirements.
Registered Senior Notes — BLFC, a wholly owned finance subsidiary of Bunge, had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at September 30, 2026.
| (US$ in millions) | Aggregate Principal Amount Outstanding | Balance Outstanding | ||||||||||||
4.90% Senior Notes due 2027 | $ | 440 | $ | 441 | ||||||||||
3.75% Senior Notes due 2027 | 600 | 599 | ||||||||||||
4.10% Senior Notes due 2028 | 400 | 399 | ||||||||||||
4.20% Senior Notes due 2029 | 800 | 795 | ||||||||||||
4.55% Senior Notes due 2030 | 650 | 646 | ||||||||||||
3.20% Senior Notes due 2031 | 599 | 563 | ||||||||||||
2.75% Senior Notes due 2031 | 1,000 | 995 | ||||||||||||
5.00% Senior Notes due 2031 | 600 | 594 | ||||||||||||
5.25% Senior Notes due 2032 | 300 | 306 | ||||||||||||
4.80% Senior Notes due 2033 | 500 | 496 | ||||||||||||
4.65% Senior Notes due 2034 | 800 | 792 | ||||||||||||
5.15% Senior Notes due 2035 | 650 | 644 | ||||||||||||
5.15% Senior Notes due 2036 | 700 | 694 | ||||||||||||
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 September 30, 2026, were as follows:
Short-term Debt (1) | Long-term Debt | Outlook | ||||||||||||||||||
| Standard & Poor’s | A-2 | A- | Stable | |||||||||||||||||
| Moody’s | P-2 | Baa1 | Stable | |||||||||||||||||
Fitch | F-2 | BBB+ | Stable | |||||||||||||||||
(1) Short-term debt rating applies only to the commercial paper program with BLFC as the issuer.
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.
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Our credit facilities and certain senior notes require us to comply with specified financial and non-financial covenants including a maximum debt to capitalization ratio, as well as limitations related to incurring liens and secured indebtedness. We were in compliance with these covenants as of September 30, 2026.
Equity
Total equity is set forth in the following table:
| (US$ in millions) | September 30, 2026 | December 31, 2025 | ||||||||||||
| Registered shares | $ | 2 | $ | 2 | ||||||||||
| Additional paid-in capital | 9,851 | 9,841 | ||||||||||||
| Retained earnings | 13,657 | 13,152 | ||||||||||||
| Accumulated other comprehensive income (loss) | (6,005) | (6,084) | ||||||||||||
| Treasury shares, at cost | (1,209) | (1,007) | ||||||||||||
| Total Bunge shareholders’ equity | 16,296 | 15,904 | ||||||||||||
| Noncontrolling interest | 1,506 | 1,465 | ||||||||||||
| Total equity | $ | 17,802 | $ | 17,369 | ||||||||||
Total Bunge shareholders’ equity was $16,296 million at September 30, 2026, compared to $15,904 million at December 31, 2025, an increase of $392 million. The increase was primarily due to $1,064 million of Net income (loss) attributable to Bunge and $79 million of income in Other comprehensive income (loss) resulting from favorable foreign exchange translation adjustments. These increases were partially offset by $555 million of declared dividends to shareholders and $249 million of share repurchases, as described in Note 17 - Equity to our condensed consolidated financial statements.
Noncontrolling interests increased to $1,506 million at September 30, 2026, from $1,465 million at December 31, 2025, primarily due to $120 million in capital contributions received from minority interest stakeholders and $39 million of net income (loss) attributable to noncontrolling interests, partially offset by measurement period adjustments of $101 million in connection with noncontrolling interests recognized from the Acquisition of Viterra.
Share repurchase program - As described in Note 17 - Equity to our condensed consolidated financial statements, there were aggregate remaining purchase authorizations of $3.0 billion as of September 30, 2026 under approved share repurchase programs. During the three months ended September 30, 2026, Bunge did not repurchase any shares. During the nine months ended September 30, 2026, Bunge repurchased 1,966,107 registered shares for $249 million, completing share repurchases under a previously existing program.
Cash Flows
| Nine Months Ended September 30, | ||||||||||||||
| (US$ in millions) | 2026 | 2025 | ||||||||||||
| Cash provided by (used for) operating activities | $ | (2,302) | $ | (503) | ||||||||||
| Cash provided by (used for) investing activities | (840) | (5,524) | ||||||||||||
| Cash provided by (used for) financing activities | 2,537 | 4,021 | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale | 13 | 3 | ||||||||||||
| Net increase (decrease) in cash and cash equivalents, restricted cash, and cash held for sale | $ | (592) | $ | (2,003) | ||||||||||
Our cash flows from operations vary depending on, among other items, Net income and the market prices and timing of 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 purchases and sales of our inventories.
During the nine months ended September 30, 2026, our cash and cash equivalents, restricted cash, and cash held for sale decreased by $592 million, compared to a decrease of $2,003 million during the nine months ended September 30, 2025, as further explained below.
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Operating: Cash used for operating activities was $2,302 million for the nine months ended September 30, 2026, an increase of $1,799 million, compared to cash used for operating activities of $503 million for the nine months ended September 30, 2025. The increase in cash used for operations was primarily driven by net changes in working capital, partially offset by higher reported net income during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 as discussed in the Segment Overview and Consolidated Results of Operations sections above, as well as a large adjustment for non-cash depreciation as a result of the Acquisition of Viterra.
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 condensed consolidated statements of income as Foreign exchange gains (losses) – net. For the nine months ended September 30, 2026, we recorded a foreign currency gain on our debt of $87 million, which was included as an adjustment to reconcile Net income to Cash provided by (used for) operating activities in the line item Foreign exchange (gain) loss on net debt in our condensed consolidated statements of cash flows. These adjustments are required as the gains and losses are non-cash items that arise from financing activities and therefore will have no impact on cash flows from operations.
Investing: Cash used for investing activities was $840 million for the nine months ended September 30, 2026, a decrease of $4,684 million, compared to cash used for investing activities of $5,524 million for the nine months ended September 30, 2025. The decrease was primarily related to prior year cash payments of $4,116 million, net of cash acquired, for the Acquisition of Viterra, and decreased payments for certain investment strategies in Argentina. The decrease was partially offset by prior period receipts of $470 million from the sale of Bunge's corn milling business in North America, $457 million related to a European Union oilseeds divestment, and $100 million from the sale of BP Bunge Bioenergia, as well as current period cash payments of $105 million for certain businesses of International Flavors and Fragrances, Inc.
Financing: Cash provided by financing activities was $2,537 million for the nine months ended September 30, 2026, a decrease of $1,484 million, compared to cash provided by financing activities of $4,021 million for the nine months ended September 30, 2025. The decrease was primarily attributable to a decrease in net cash proceeds from short and long-term debt of $1,656 million driven by prior year borrowings to fund the Acquisition of Viterra as well as current period repayments of senior notes due in April and August 2026, partially offset by proceeds from the issuance of the 2026 Senior Notes in the first and third quarters of 2026. Additionally, the decrease is attributable to the difference between $206 million of proceeds received from the sale of a redeemable noncontrolling interest related to our Spanish operating subsidiary in the prior period, compared to $80 million in deferred consideration received from the same sale of redeemable noncontrolling interest in the current period. These decreases were partially offset by share repurchases of $249 million in the current period compared to $545 million in the prior period.
Off-Balance Sheet Arrangements
Please refer to Note 15 - Commitments and Contingencies to our condensed consolidated financial statements for details concerning our off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.
Dividends
We paid a regular quarterly cash dividend distribution of $0.72 per share on September 1, 2026, to shareholders of record on August 18, 2026. On May 20, 2026, shareholders of Bunge Global SA approved a cash dividend distribution in the amount of $2.88 per share, payable in four equal quarterly installments of $0.72 per share beginning in the second quarter of fiscal year 2026 and ending in the first quarter of fiscal year 2027. The $0.72 per share dividend distribution represents a $0.02, or 3% increase from the Company’s previously approved quarterly cash dividend declared of $0.70 per share.
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Critical Accounting Policies and Estimates
Critical accounting policies are defined as those policies that are significant to our financial condition and results of operations and require management to exercise significant judgment. For a complete discussion of our accounting policies, see Note 1 to our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 19, 2026. For recent accounting pronouncements refer to Note 1 - Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies, to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Risk Management
As a result of our global activities, we are exposed to changes in, among other things, agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and inflationary pressures, which may affect our results of operations and financial position. We actively monitor and manage these various market risks associated with our business activities. Our risk management decisions take place in various locations, but exposure limits are centrally set and monitored, operating under a global governance framework. Additionally, our Board's Enterprise Risk Management Committee and our internal Management Risk Committee oversee our global market risk governance framework, including risk management policies and limits.
We use derivative instruments for the purpose of managing the exposures associated with commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and for positioning our overall portfolio relative to expected market movements in accordance with established policies and procedures. We enter into derivative instruments primarily with commodity exchanges in the case of commodity futures and options and major financial institutions in the case of ocean freight. While these derivative instruments are subject to fluctuations in value, for hedged exposures those fluctuations are generally offset by the changes in the fair value of the underlying exposures. The derivative instruments that we use for hedging purposes are intended to reduce the volatility of our results of operations. However, they can occasionally result in earnings volatility, which may be material. See Note 11 - Fair Value Measurements and Note 12 - Derivative Instruments and Hedging Activities to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for a more detailed discussion of our use of derivative instruments.
Credit and Counterparty Risk
Through our normal business activities, we are subject to significant credit and counterparty risks that arise through commercial sales and purchases, including forward commitments to buy or sell, and through various OTC derivative instruments that we use to manage risks inherent in our business activities. We define credit and counterparty risk as a potential financial loss due to the failure of a counterparty to honor its obligations. The exposure is measured based upon several factors, including unpaid accounts receivable from counterparties, as well as unrealized gains from forward purchase or sale contracts and OTC derivative instruments. Credit and counterparty risk also includes sovereign credit risk. We actively monitor credit and counterparty risk through regular reviews of exposures and credit analysis by regional credit teams, as well as a review by global and corporate committees that monitor counterparty performance. We record provisions for counterparty losses from time to time as a result of our credit and counterparty analysis.
During periods of tight conditions in global credit markets, downturns in regional or global economic conditions, and/or significant price volatility, credit and counterparty risks are heightened. This increased risk is monitored through, among other things, exposure reporting, increased communication with key counterparties, management reviews, and specific focus on counterparties or groups of counterparties that we may determine as high risk. We have reduced exposures and associated position limits in certain cases.
Commodities Risk
We operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products. As a result, we purchase and produce various materials, many of which are agricultural commodities, including soybeans, soybean oil, soybean meal, palm oil (from crude to various degrees of refined products), softseeds (including sunflower seed, rapeseed, and canola) and related oil and meal derived from them, wheat, barley, shea nut, corn, sugar, and cotton. Agricultural commodities are subject to price fluctuations due to a number of unpredictable factors, including inflationary pressures, that may create price risk. As described above, we are also subject to the risk of counterparty non-performance under forward purchase and sale contracts. From time to time, we have experienced instances of counterparty non-performance as a result of significant declines in counterparty profitability under these contracts due to movements in commodity prices between the time the contracts were entered into and the contractual forward delivery period.
We enter into various derivative contracts with the primary objective of managing our exposure to adverse price movements in the agricultural commodities used and produced in our business operations. We have established policies that limit the amount of unhedged fixed price agricultural commodity positions permissible for our operating companies, which are generally a combination of volumetric, drawdown, and value-at-risk ("VaR") limits. We measure and review our commodity positions on a daily basis. We also employ stress-testing techniques in order to quantify our exposures to price and liquidity risks under non-normal or event driven market conditions.
Our daily net agricultural commodity position consists of inventory, forward purchase and sales contracts, and OTC and exchange-traded derivative instruments, including those used to hedge portions of our production requirements. The fair
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value of that position is a summation of the fair values of each agricultural commodity, calculated by valuing all of our commodity positions for the period at quoted market prices, where available, or by utilizing a close proxy. VaR is calculated on the net position and monitored at the 95% confidence interval. In addition, scenario analysis and stress testing are performed. For example, one measure of market risk is estimated as the potential loss in fair value resulting from a hypothetical 10% adverse change in prices. The results of this analysis, which may differ from actual results, are as follows:
| Nine Months Ended September 30, 2026 | Year Ended December 31, 2025 | |||||||||||||||||||||||||
| (US$ in millions) | Value | Market Risk | Value | Market Risk | ||||||||||||||||||||||
| Highest daily aggregated position value | $ | 2,762 | $ | (276) | $ | 1,307 | $ | (131) | ||||||||||||||||||
| Lowest daily aggregated position value | $ | 390 | $ | (39) | $ | (611) | $ | (61) | ||||||||||||||||||
Ocean Freight Risk
Ocean freight represents a significant portion of our operating costs. The market price for ocean freight varies depending on the supply and demand for ocean vessels, global economic conditions, inflationary pressures, and other factors. We enter into time charter agreements for time on ocean freight vessels based on forecasted requirements for the purpose of transporting agricultural commodities. Our time charter agreements generally have terms ranging from two months to approximately five years. We use financial derivatives, generally freight forward agreements, to hedge portions of our ocean freight costs. The ocean freight derivatives are included in Other current assets and Other current liabilities on the condensed consolidated balance sheets at fair value.
Energy Risk
We purchase various energy commodities such as electricity, natural gas, and bunker fuel, which are used to operate our manufacturing facilities and ocean freight vessels. These energy commodities are subject to price risk, including inflationary pressures. We use financial derivatives, including exchange traded and OTC swaps and options for various purposes, to manage our exposure to volatility in energy costs and market prices. These energy derivatives are included in Other current assets and Other current liabilities on the condensed consolidated balance sheets at fair value.
Currency Risk
Our global operations require active participation in foreign exchange markets. Our primary foreign currency exposures are the Brazilian real, Canadian dollar, the Euro, and the Chinese yuan/renminbi. To reduce the risk arising from foreign exchange rate fluctuations, we enter into derivative instruments, such as foreign currency forward contracts, swaps, and options. The changes in market value of such contracts have a high correlation to the price changes in the related currency exposures. The potential loss in fair value of such net currency positions resulting from a hypothetical 10% adverse change in foreign currency exchange rates as of September 30, 2026, was not material.
When determining our exposure, we exclude intercompany loans that are deemed to be permanently invested. Repayments of permanently invested intercompany loans are neither planned nor anticipated in the foreseeable future and are therefore treated analogous to equity for accounting purposes. As a result, the foreign exchange gains and losses on these borrowings are excluded from the determination of Net income (loss) and recorded as a component of Accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. Included in Other comprehensive income (loss) are foreign exchange gains of $29 million and $42 million for the nine months ended September 30, 2026, and for the year ended December 31, 2025, respectively, related to permanently invested intercompany loans.
Interest Rate Risk
We have debt in fixed and floating rate instruments. We are exposed to market risk due to changes in interest rates, including inflationary pressures. We may enter into interest rate swap agreements to manage our interest rate exposure related to our debt portfolio.
The aggregate fair value of our short and long-term debt, based on market yields at September 30, 2026, was $16,687 million, with a carrying value of $16,746 million.
A hypothetical 100 basis point increase or decrease in the interest yields on our fixed rate debt and related interest rate swaps at September 30, 2026, would result in a less than 1% change in the fair value of our debt and interest rate swaps.
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A hypothetical 100 basis point increase or decrease in the applicable reference rate, such as SOFR, would result in a change of approximately $148 million in interest expense on our variable rate debt at September 30, 2026. Some of our variable rate debt is denominated in currencies other than in U.S. dollars and is indexed to non-U.S. dollar-based interest rate indices, such as EURIBOR and TLP, and certain benchmark rates in local bank markets. As such, the hypothetical 100 basis point change in interest rate ignores the potential impact of any currency movements. See Part I, “Item 1A. Risk Factors” in our 2025 Annual Report on Form 10-K for a discussion of certain risks related to interest rates.
Inflation Risk
Inflationary factors generally affect us by increasing our labor and overhead costs, as well as costs associated with certain risks identified above, which may adversely affect our results of operations and financial position. We have historically been able to recover the impacts of inflation through sales price increases, however we cannot reasonably estimate our ability to successfully recover any impact of inflation through price increases in the future. Our inability to do so could harm our results of operations and financial position.
Derivative Instruments
Foreign Exchange Derivatives—We use a combination of foreign exchange forward, swap, futures, and options contracts in certain of our operations to mitigate the risk of exchange rate fluctuations in connection with certain commercial and balance sheet exposures. The foreign exchange forward, swap, and option contracts may be designated as cash flow or fair value hedges. We may also use net investment hedges to partially offset the translation adjustments arising from the remeasurement of our investment in certain of our foreign subsidiaries.
We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedge transactions are highly effective in offsetting changes in the hedged items.
Interest Rate Derivatives—We may enter into interest rate swap agreements for the purpose of managing certain of our interest rate exposures. Interest rate swaps used by us as hedging instruments are recorded at fair value in the condensed consolidated balance sheets with changes in fair value recorded contemporaneously in earnings. Certain of these agreements may be designated as fair value hedges. In such instances, the carrying amount of the associated hedged debt is also adjusted through earnings for changes in fair value arising from changes in benchmark interest rates. We may also enter into interest rate basis swap agreements that do not qualify as hedges for accounting purposes. The impact of changes in fair value of interest rate swap agreements is primarily presented in Interest expense.
Commodity Derivatives—We primarily use derivative instruments to manage our exposure to movements associated with agricultural commodity prices. We generally use exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities held as inventories or subject to forward purchase and sales contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices. Changes in fair values of exchange-traded futures contracts, representing the unrealized gains and/or losses on these instruments, are settled daily, generally through our 100% owned futures clearing subsidiary. Forward purchase and sales contracts are primarily settled through delivery of agricultural commodities. While we consider these exchange-traded futures and forward purchase and sales contracts to be effective economic hedges, we do not designate or account for the majority of our commodity contracts as hedges. Changes in fair values of these contracts and related RMI are included in Cost of goods sold in the condensed consolidated statements of income. The forward contracts require performance of both us and the contract counterparty in future periods. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle.
Ocean Freight Derivatives—We use derivative instruments referred to as freight forward agreements, or FFAs, and FFA options to hedge portions of our current and anticipated ocean freight costs. Changes in the fair values of ocean freight derivatives are recorded in Cost of goods sold.
Energy Derivatives—We use derivative instruments for various purposes, including to manage our exposure to volatility in energy costs and our exposure to market prices related to the sale of biofuels. Our operations use substantial amounts of energy, including natural gas, coal, and fuel oil, including bunker fuel. Changes in the fair values of energy derivatives are recorded in Cost of goods sold.
Other Derivatives—We may also enter into other derivatives, including credit default swaps, carbon emission derivatives, and equity derivatives, to manage our exposure to credit risk and broader macroeconomic risks. The impact of changes in fair value of these instruments is presented in Cost of goods sold.
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For more information, see Note 12 - Derivative Instruments and Hedging Activities to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures - Disclosure controls and procedures are the controls and other procedures that are designed to provide reasonable assurance that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including the principal executive and principal financial officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
As of September 30, 2026, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as that term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period covered by this Quarterly Report on Form 10-Q.
Internal Control Over Financial Reporting - There have been no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. However, the Company is in the process of integrating Viterra and as a result of these integration activities, certain controls have changed, and further changes are anticipated. Management expects the integration process to continue in phases over the next several years.
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PART II.
INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we are involved in litigation and other claims, investigations and proceedings incidental to our business. While the outcome of these matters cannot be predicted with certainty, we believe the outcome of these proceedings, net of established reserves, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.
For a discussion of certain legal and tax matters see Note 15 - Commitments and Contingencies to our condensed consolidated financial statements included as part of this Quarterly Report on Form 10-Q. Additionally, we are a party to a large number of labor, civil and other claims, primarily relating to our Brazilian operations. We have reserved an aggregate of $38 million and $297 million, for labor claims and civil and other claims, respectively, as of September 30, 2026. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits. The civil claims relate to various legal proceedings and disputes, including disputes with suppliers and customers.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our 2025 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
ITEM 6. EXHIBITS
(a) The Exhibit Index below contains a list of exhibits filed or furnished as part of this Quarterly Report.
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EXHIBIT INDEX
| * | Subsidiary Issuers of Guaranteed Securities | |||||||
| * | Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002 | |||||||
| * | Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002 | |||||||
| ** | Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 | |||||||
| ** | Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 | |||||||
| 101 SCH | XBRL Taxonomy Extension Schema Document | |||||||
| 101 CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101 LAB | XBRL Taxonomy Extension Labels Linkbase Document | |||||||
| 101 PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 101 DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101 INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
* Filed herewith.
** Furnished herewith.
+++ Certain information contained in this exhibit, marked by [***], has been omitted because it (i) is not material and (ii) is the type of information that the registrant treats as private or confidential.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BUNGE GLOBAL SA | |||||||||||
| Date: October 29, 2026 | By: | /s/ John W. Neppl | |||||||||
| John W. Neppl | |||||||||||
| Chief Financial Officer | |||||||||||
| /s/ J. Matt Simmons, Jr. | |||||||||||
| J. Matt Simmons, Jr. | |||||||||||
| Controller and Principal Accounting Officer | |||||||||||
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Exhibit 22.1
Subsidiary Issuers of Guaranteed Securities
As of October 29, 2026, Bunge Global SA (“Parent Guarantor”) was the unconditional and irrevocable guarantor of the following unsecured registered notes issued by indirect, wholly-owned subsidiaries of Parent Guarantor:
| Name of Subsidiary Issuer | State of Formation of Issuer | Description of Registered Notes | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 3.75% Senior Notes due 2027 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 4.90% Senior Notes due 2027 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 4.10% Senior Notes due 2028 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 4.20% Senior Notes due 2029 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 4.55% Senior Notes due 2030 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 2.75% Senior Notes Due 2031 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 3.20% Senior Notes Due 2031 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 5.00% Senior Notes Due 2031 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 5.25% Senior Notes Due 2032 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 4.80% Senior Notes Due 2033 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 4.65% Senior Notes Due 2034 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 5.15% Senior Notes Due 2035 | ||||||||||||||||||
| Bunge Limited Finance Corp. | Delaware | 5.15% Senior Notes Due 2036 | ||||||||||||||||||
EXHIBIT 31.1
Certification of Chief Executive Officer
Pursuant to Section 302 of the Sarbanes Oxley Act of 2002
I, Gregory A. Heckman, certify that:
1. I have reviewed this report on Form 10-Q of Bunge Global SA (the “registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
October 29, 2026
| /s/ Gregory A. Heckman | |||||
| Gregory A. Heckman | |||||
| Chief Executive Officer (Principal Executive Officer) | |||||
EXHIBIT 31.2
Certification of Chief Financial Officer
Pursuant to Section 302 of the Sarbanes Oxley Act of 2002
I, John W. Neppl, certify that:
1. I have reviewed this report on Form 10-Q of Bunge Global SA (the “registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
October 29, 2026
| /s/ John W. Neppl | |||||
| John W. Neppl | |||||
| Chief Financial Officer | |||||
EXHIBIT 32.1
Certification by the Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes Oxley Act Of 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002, the undersigned officer of Bunge Global SA, a Switzerland limited liability company (the “Company”), does hereby certify that, to the best of such officer’s knowledge:
(1) The accompanying Report of the Company on Form 10-Q for the quarter ended September 30, 2026 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
October 29, 2026
| /s/ Gregory A. Heckman | |||||
| Gregory A. Heckman | |||||
| Chief Executive Officer (Principal Executive Officer) | |||||
A signed original of this written statement required by Section 906 has been provided to Bunge Global SA and will be retained by Bunge Global SA and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT 32.2
Certification by the Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes Oxley Act Of 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002, the undersigned officer of Bunge Global SA, a Switzerland limited liability company (the “Company”), does hereby certify that, to the best of such officer’s knowledge:
(1) The accompanying Report of the Company on Form 10-Q for the quarter ended September 30, 2026 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
October 29, 2026
| /s/ John W. Neppl | |||||
| John W. Neppl | |||||
| Chief Financial Officer | |||||
A signed original of this written statement required by Section 906 has been provided to Bunge Global SA and will be retained by Bunge Global SA and furnished to the Securities and Exchange Commission or its staff upon request.