10-K 0001628280-26-009842 (2026-02-19) vs 10-K 0001996862-25-000008 (2025-02-20)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 10,999 |
24.0% |
| MD&A | Item 7 | 13,785 |
35.6% |
| Legal Proceedings | Item 3 | 223 |
0.0% |
| Accounting Policies | 10-K text, Note 1 – NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES | 6,287 |
18.6% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 213 words changed in this paragraph; it is 45% similar to last year's version.
Other current assets - Other current assets were $6,188 million at December 31, 2025, an increase of $2,180 million from $4,008 million at December 31, 2024, a decrease of $43 million from $4,051 million at December 31, 2023. 2024. The decrease increase is primarily due to a decrease an increase of Other current assets as of December 31, 2025 from the Acquisition of Viterra. In addition, the increase was also attributable to an increase in secured advances to supplies, suppliers, net as improved market conditions in Brazil have led to a reduction an increase in new advances in the current period, an increase in marketable securities and other short term investments as a result of strategic investment opportunities in South America, higher assets held for sale related to our European margarines and spreads business (see Note 2- Acquisitions and Dispositions to our consolidated financial statements), and an increase in margin deposits. These increases were partially offset by lower unrealized gains on derivative contracts as a result of volatile commodity prices, and a decrease in prepaid expenses due to the changing market environment. These decreases were partially offset by an increase in marketable securities and other short-term investments, a deferred payment recorded in the current year in connection with the sale of BP Bunge Bioenergia that was collected in early 2025, and the recognition collection of an insurance recovery receivable related to the business interruption resulting from the Ukraine-Russia war in the current year (see Note 6- Other Current Assets to our consolidated financial statements), and a decrease in disposition receivable reflecting the collection of a deferred payment in connection with the sale of BP Bunge Bioenergia, partially offset by the recognition of a disposition receivable in connection with the sale of 40% of our interest in BISA, our Spanish operating subsidiary (see Note 2- Acquisitions and Dispositions to our consolidated financial statements).
Source: Item 7, 10-K 0001628280-26-009842 vs Item 7, 10-K 0001996862-25-000008
Risk Factors 204 words changed in this paragraph; it is 46% similar to last year's version.
We face significant competition in each of our businesses and we have numerous competitors, some of which are larger, more diversified and have greater financial resources than we have. Additionally, in recent years we have experienced regional Agribusiness competitors entering new geographies where previously they did not compete with us, and certain customers seeking to procure certain commodities directly rather than through historical suppliers such as us. Furthermore, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced added competition for refining capacity from traditional petroleum companies. As many of the products we sell are global commodities, the markets for our products are highly price competitive, and in many cases also sensitive to product substitution. Additionally, the geographic location of assets can competitively advantage or disadvantage us with respect to our competitors in certain regions. We also face competition from changing technologies and shifting industry practices, such as increased on-farm crop storage in several regions, which allows producers to retain commodities for extended periods and increase price pressure on purchasers such as us. To compete effectively, we must continuously focus on improving efficiency in our production and distribution operations, including through business optimization initiatives, developing and offering products that meet customer needs, optimizing our geographic presence in key markets, developing and maintaining appropriate market share and customer relationships, supporting socially responsible and sustainable corporate and business practices, and promoting our environmental stewardship. We also compete for talent in our industries, particularly commercial personnel. Competition could cause us to lose market share and talented employees, exit certain lines of business, increase marketing or other expenditures, increase our raw material costs or reduce pricing, each of which could have an adverse effect on our business and profitability.
Source: Item 1A, 10-K 0001628280-26-009842 vs Item 1A, 10-K 0001996862-25-000008
Accounting Policies 112 words changed in this paragraph; it is 38% similar to last year's version.
On February 24, 2022, Russia initiated a military invasion of Ukraine (the "war"). Bunge’s Ukrainian operations at December 31, 2025 comprise two four oilseed crushing facilities, located in Mykolaiv, Dnipropetrovsk, Kharkiv, and Vinnytsia, two export terminals in the Mykolaiv commercial seaport, and Dnipropetrovsk, numerous grain elevators and offices throughout Ukraine. The Company also operates a corn milling facility and a grain export terminal in Mykolaiv commercial seaport, numerous grain elevators, and an office in Kiev. The Company also operates both a corn milling facility and an oilseed processor in Ukraine via joint ventures. As See Note 2- Acquisitions and Dispositions for further information on Bunge's 2025 acquisition of December 31, 2024, total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries each comprise less than 3 % of Bunge’s consolidated Total assets and Total liabilities, respectively. an oilseed crush facility from Varthomio ("ViOil") in western Ukraine.
Source: 10-K text, Note 1 – NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-26-009842 vs 10-K text, Note 1 – NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001996862-25-000008
Every change, by type
Sentences and paragraphs of BG's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-20.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
We participate in an intensely competitive industry with numerous global and regional competitors. Over the past few years, certain of our competitors have added oilseed processing and refining capacity in response to growing demand. Additionally, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced additional competition for refining capacity from traditional petroleum companies, particularly in the United States.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
To compete effectively, we must continuously focus on improving efficiency in our production and distribution operations, including through business optimization initiatives, developing and offering products that meet customer needs, optimizing our geographic presence in key markets, developing and maintaining appropriate market share and customer relationships, supporting socially responsible and sustainable corporate and business practices, and promoting our environmental stewardship.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
We also compete for talent in our industries, particularly commercial personnel. Competition could cause us to lose market share and talented employees, exit certain lines of business, increase marketing or other expenditures, increase our raw material costs or reduce pricing, each of which could have an adverse effect on our business and profitability.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
capital markets in the future on favorable terms, as well as impair our ability to compete effectively relative to competitors with higher credit ratings.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
•Our ability to successfully combine the legacy businesses of Bunge and Viterra;
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
Glencore PLC ("Glencore"), Canada Pension Plan Investment Board ("CPP Investments"), and British Columbia Investment Management Corporation, shareholders of Viterra at the time of the acquisition, represent approximately 17%, 14% and 3%, respectively, of our outstanding registered shares, or in the aggregate approximately 34% of Bunge's outstanding registered shares as of December 31, 2025. At the closing of the Acquisition, we entered into shareholder's agreements with each of Glencore and CPP Investments, pursuant to which, among other things, each of Glencore and CPP Investments will have the right to designate:
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
•two individuals for nomination to the Board of Bunge so long as such shareholder continues to own at least 10% of the total outstanding registered shares; and
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
•one individual for nomination to the Board so long as such shareholder continues to own at least 5% but less than 10% of the outstanding registered shares.
Read it in 10-K 2026-02-19 at sec.gov ↗
RemovedRisk Factors
We divested our Russian operations in February 2023 and we no longer maintain any operations in Russia.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Additionally, there continues to be a great deal of uncertainty regarding U.S. and global trade policies for companies with
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
sign-on bonuses and severance and takeover incentive or similar payments for our executive management team (except for pay during a notice period of up to 12 months), which may impair our ability to recruit for these positions.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
As a result of the Acquisition, our shareholders will have reduced ownership and voting interest in and will exercise less influence over management of the combined company.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Our shareholders currently have the right to vote in the election of the Board and on other matters affecting us. Upon consummation of the Acquisition, each of our shareholders will become a shareholder of the combined company with a percentage ownership of the combined company that is smaller than each such shareholder’s percentage ownership of Bunge immediately prior to the Acquisition. Upon completion of the transaction, the Viterra Shareholder Group are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023. Accordingly, our current shareholders will have less influence on the management and policies of the combined company than they now have on the management and policies of Bunge.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Our and Viterra’s business relationships may be subject to disruption due to uncertainty associated with the Acquisition.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Parties with which we or Viterra do business may experience uncertainty associated with the Acquisition, including with respect to current or future business relationships with us, Viterra or the combined business. Our and Viterra’s business relationships may be subject to disruption as clients, vendors and others may attempt to negotiate changes in existing business relationships or consider entering into business relationships with parties other than us, Viterra or the combined business. It is possible that these disruptions will continue following the closing of the Acquisition. These disruptions could have a material and adverse effect on the businesses, financial condition, results of operations or prospects of the combined business, including a material and adverse effect on our ability to realize the anticipated benefits of the Acquisition. The risk and adverse effect of such disruptions could be exacerbated by a delay in the completion or termination of the Acquisition.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Until the completion or termination of the Acquisition, we and Viterra are prohibited from entering into certain transactions and taking certain actions that might otherwise be beneficial to us, Viterra and/or our respective shareholders.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
From and after the date of the Business Combination Agreement and prior to completion of the Acquisition, the Business Combination Agreement restricts us and Viterra from taking specified actions without the consent of the other party and requires that the business of each company and its respective subsidiaries be conducted independently in the ordinary course in all material respects. These restrictions may prevent us or Viterra from taking actions that would be beneficial. Adverse effects arising from these restrictions during the pendency of the Acquisition could be exacerbated by any delays in consummation or termination of the Acquisition.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Third parties may terminate or alter existing contracts or relationships with us or Viterra.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
We and Viterra each have contracts with customers, suppliers, vendors, distributors, landlords, licensors, joint venture partners, and other business partners which may require us or Viterra, as applicable, to obtain consent from these other parties in connection with the Acquisition. If these consents cannot be obtained, the counterparties to these contracts and other third parties with which we and/or Viterra currently have relationships may have the ability to terminate, reduce the scope of or otherwise materially adversely alter their relationships with either or both parties in anticipation of the Acquisition, or with the combined company following the Acquisition. The pursuit of such rights may result in Bunge or the combined company suffering a loss of potential future revenue or incurring liabilities in connection with a breach of such agreements and losing rights that are material to its business. Any such disruptions could limit the combined company’s ability to achieve the anticipated benefits of the Acquisition. The adverse effect of such disruptions could also be exacerbated by a delay in the completion or termination of the Acquisition.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Obtaining required approvals and satisfying closing conditions may prevent or delay completion of the Acquisition.
Read it in 10-K 2025-02-20 at sec.gov ↗
RewordedRisk Factors
Swiss law allows Under Bunge Global’s shareholders to authorize the Board to issue shares without additional shareholder approval, but Global's current Articles of Association, this authorization is limited to (i) 50% approximately 16% of Bunge Global’s stated share capital capital, representing up to 33,632,445 new shares (among other things, the issuance for purposes of issuing shares in connection with an acquisition or to raise for raising new equity capital, subject to compliance with shareholders' preemptive rights, unless withdrawn for the reasons specified in the Articles of Association) (the "capital band") band"), and (ii) an additional 20% approximately 15% of Bunge Global’s stated share capital for the issuance of up to 19,371,537 new shares in connection with convertible or similar financial instruments and up to 12,914,357 new shares in connection with our equity incentive plans (the "conditional share capital").
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
At December 31, 2024, 2025, Bunge had $5,665 $9,065 million unused and available committed borrowing capacity comprising committed revolving credit facilities with a number of financial institutions and we expect to have $3,000 million of additional committed borrowing capacity upon the completion of the Acquisition, resulting in anticipated capacity of $8,665 million upon the completion of the Acquisition. institutions.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The imposition of regulatory restrictions related to GHG emissions and conservation in many markets in which we operate, which may include limitations on GHG emissions, national emission reduction plans, requirements to make additional investments to modify our facilities, equipment and processes, other restrictions on industrial operations, taxes or fees on GHG emissions, and other measures, could affect land-use decisions, the cost of agricultural production and the cost and means of processing and transporting our products, which could adversely affect our business, cash flows, and results of operations.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Additionally, while we have agreements with many of the third-party service providers we rely regarding the restrictions and limitations on their use of our data in generative AI for applications, there is a variety of purposes that increases the risk that our sensitive and proprietary data could be inadvertently or maliciously exposed. exposed by these service providers.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Additionally, our results of operations of the combined company will may also be affected by some factors that are different from those currently or historically affecting our or Viterra's results of operations and those currently or historically affecting prior to the results closing of operations of Viterra. the Acquisition.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Bunge’s Ukrainian operations at December 31, 2025 comprise two four oilseed crushing facilities, located in Mykolaiv Mykolaiv, Dnipropetrovsk, Kharkiv, and Dnipropetrovsk, a grain Vinnytsia, two export terminal terminals in the Mykolaiv commercial seaport, and numerous grain elevators, elevators and an office in Kiev. offices throughout Ukraine.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Also, increasing a focus on climate change, deforestation, water, animal welfare and human rights concerns, and other risks associated with the global food system may lead to increased activism focusing on food companies and their suppliers, governmental intervention and consumer responses.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
While our debt agreements do not have any credit rating downgrade triggers that would accelerate the maturity of our debt, reductions in our credit ratings would increase our borrowing costs and, depending on their severity, could impede our ability to obtain credit facilities or access the capital markets in the future on favorable terms, as well as impair our ability to compete effectively relative to competitors with higher credit ratings.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Data privacy regulations continue to evolve, and non-compliance with such regulations, including as a result of adoption of emerging technologies, such as AI, could subject the Company to legal claims or proceedings, potential regulatory fines and penalties and damage to our reputation.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Articles of Association provides for Association, as a part of the capital band authorizing provision, further authorizes the Board to issue up to 86,861,666 new shares or to cancel or reduce the par value of up to 26,138,964 79,368,185 shares (including to cancel shares repurchased under Bunge Global's share repurchase program) up until October 19, 2028.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The results of operations of the combined company will may be affected by some factors that are different from those currently or historically affecting our results of operations and those currently or historically affecting the results of operations of Viterra. operations.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Board's authority to issue shares based on the capital band must be renewed will expire on October 19, 2028 unless a renewal is approved by the shareholders every five years. shareholders.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Effective in the third quarter of 2025, we changed our reportable segments to align with our new value chain operational structure as a result of the completion of the Acquisition of Viterra. See Note 26- Segment Information to our consolidated financial statements. We also enhanced our volume reporting to align with our new segment reporting structure and with the Company's primary income-generating activities. Volumes are now reported as follows:
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
•Soybean Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
•Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of softseeds to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
•Other Oilseeds Processing and Refining volumes represent sales volumes to third-party customers.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
•Grain Merchandising and Milling volumes represent sales volumes to third-party customers.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Further, effective January 1, 2025, Bunge is no longer separately presenting a Sugar and Bioenergy segment, as discussed in Note 26- Segment Information to our consolidated financial statements, nor presenting Core and Non-core segment results.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Corresponding prior period amounts have been recast to conform to the current period presentations described above.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Our Soybean Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. We process soybeans into protein meals and crude and refined vegetable oils and fats, principally for the food, animal feed, and biofuel industries, through a global network of facilities. As described above, Soybean Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, representing the total refined volume during a reporting period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Our Softseed Processing and Refining segment is a globally integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of softseeds and softseed related products, as well as biodiesel production and distribution. As described above, Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of softseeds to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Our Other Oilseeds Processing and Refining segment is a globally integrated business principally involved in products of a specialty nature, including the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of these related products. As described above, Other Oilseeds Processing and Refining volumes represent sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Our Grain Merchandising and Milling segment involves the purchase, storage, transportation, distribution, and marketing of certain commodities primarily consisting of corn, wheat, barley, cotton, pulses, and sugar; activities also include the milling of wheat and sugar; and related services including ocean freight and financial services. As described above, Grain Merchandising and Milling volumes represent sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
On July 2, 2025, we completed our previously announced Acquisition of Viterra. Pursuant to the terms of the business combination agreement, Viterra shareholders received approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $5.3 billion as of July 2, 2025 and approximately $1.9 billion in cash, in return for 100% of the outstanding equity of Viterra.
Read it in 10-K 2026-02-19 at sec.gov ↗
RemovedMD&A
Bunge Global SA, a Swiss company, together with its subsidiaries, is a leading global agribusiness and food company with integrated operations that stretch from farmer to consumer. The commodity nature of the Company's principal products, as
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
In the Refined and Specialty Oils segment, our operating results are affected by changes in the prices of raw materials such as crude vegetable oils, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions, and the general competitive environment in our markets. Raw material inputs to our production processes in the Refined and Specialty Oils segment are largely sourced at market prices from our Agribusiness segment. Reported volumes in this segment reflect sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
In the Milling segment, our operating results are affected by changes in the prices of raw materials such as grains, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions and the general competitive environment in our markets. Raw material inputs to our production processes in the Milling segment are largely sourced at market prices from our Agribusiness segment. Reported volumes in this segment reflect feedstock ground (processed) during a period, again approximating sales volumes during the same period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Following the completion of our pending Viterra Acquisition, our operations will be impacted by the integration of Viterra's network of agricultural storage, processing, and transport assets. Viterra businesses operate in similar industries as we do, so we expect the factors that impact Viterra's operations will be broadly consistent with the factors that we have described above that impact each of our segments.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Our Sugar and Bioenergy segment primarily comprised our 50% interest in BP Bunge Bioenergia, a joint venture with BP. On October 1, 2024, we completed the sale of our 50% interest in BP Bunge Bioenergia. See Note 2 - Acquisitions and Dispositions to our consolidated financial statements for further details.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
BP Bunge Bioenergia operated on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil. We accounted for our interest in the joint venture under the equity method of accounting. Accordingly, our reported Sugar and Bioenergy results include our share of the net earnings in BP Bunge Bioenergia.
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RemovedMD&A
In addition to these industry related factors which impact our business areas, our results of operations in all business areas and segments are affected by the following factors:
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RemovedMD&A
Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate segment operating performance of Bunge’s
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
increase in volumes in our global corn and oils businesses, primarily due to fewer supply constraints compared to the prior period.
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RemovedMD&A
Year Ended December 31, (US$ in millions) 2024 2023 % Change Volumes (in thousand metric tons) 9,134 8,908 3% Net sales $ 12,771 $ 14,603 (13)% Cost of goods sold (11,484) (13,234) (13)% Gross profit 1,287 1,369 (6)% Selling, general and administrative expense (416) (425) (2)% Foreign exchange (losses) gains — net (20) 7 (386)% EBIT attributable to noncontrolling interests (35) (21) 67% Other (expense) — net (57) (65) (12)% Total Refined and Specialty Oils Segment EBIT $ 759 $ 865 (12)%
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Year Ended December 31, (US$ in millions) 2024 2023 % Change Interest income $ 163 $ 148 10% Interest expense (471) (516) (9)%
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
(2)Incremental commitments are available to be drawn following the completion of the Viterra Acquisition subject to the satisfaction of certain conditions.
Read it in 10-K 2025-02-20 at sec.gov ↗
RewordedMD&A
Payments due by period (US$ in millions) Total 2025 2026 2027 - 2027 2028 2029 - 2029 2030 2031 and thereafter Short-term debt $ 875 3,883 $ 875 3,883 $ — $ — $ — Long-term debt, including current portion(1) 5,663 690 1,627 1,464 1,882 10,412 1,378 4,128 1,517 3,389 Variable interest rate obligations 149 33 71 30 15 225 106 119 — — Interest obligations on fixed rate debt 898 169 297 205 227 1,488 299 467 359 363 Non-cancelable lease obligations(2) 1,077 315 354 143 265 1,992 568 642 295 487 Capital commitments 243 243 — 288 285 3 — — Freight supply agreements(3) 138 138 296 296 — — — Inventory purchase commitments 188 182 333 329 3 2 1 — Power supply purchase commitments 77 28 27 9 13 85 51 31 3 — Other commitments and obligations(4) 669 310 191 90 78 800 343 259 100 98 Total contractual cash obligations(5) $ 9,977 19,802 $ 2,983 7,538 $ 2,570 5,652 $ 1,943 2,275 $ 2,481 4,337
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Year Ended December 31, (US$ in millions) 2025 2024 2023 Net income attributable to Bunge shareholders $ 816 $ 1,137 $ 2,243 Interest income (202) (163) (148) Interest expense 628 471 516 Income tax expense 288 336 714 Loss from discontinued operations, net of tax 3 — — Noncontrolling interests' share of interest and tax — 11 8 Total EBIT $ 1,533 $ 1,792 $ 3,333 Agribusiness Soybean Processing and Refining $ 1,225 $ 872 $ 2,222 Softseed Processing and Refining 521 663 1,074 Other Oilseeds Processing and Refining 118 216 94 Grain Merchandising and Milling 465 408 301 Segment EBIT 1,301 2,786 Refined and Specialty Oils Segment EBIT 759 865 Milling Segment EBIT 111 66 Core Segment EBIT 2,171 3,717 2,329 2,159 3,691 Corporate and Other EBIT (594) (548) Sugar and Bioenergy Segment EBIT 215 164 Non-core Segment EBIT 215 164 (796) (367) (358) Total EBIT $ 1,533 $ 1,792 $ 3,333
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Our total debt increased by $1,356 $7,813 million to $14,051 million at December 31, 2025, from $6,238 million at December 31, 2024, from $4,882 million at December 31, 2023, primarily due to an increase in Long-term short-term borrowings as described above and an increase in long-term debt, including current portion, resulting from the issuance of three two tranches of the September 2024 Senior Notes senior notes for an aggregate principal principle amount of $2.0 billion, partially offset by the prepayment $1.3 billion in August 2025 and borrowings outstanding of a $750 million 3-year $1.3 billion on term loan agreement loans due in 2025. 2028 drawn in June 2025 to finance the Viterra Acquisition.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Refined and Specialty Oils segment Net sales decreased 13%, to $12,771 million for the year ended December 31, 2024, primarily due to lower average sales prices in all regions, driven by a more balanced supply and demand environment and uncertainty related to U.S. biofuel policies, The decrease was partially offset by increased volumes in Asia due to higher demand for certain products driven by better pricing, as well as increased volumes in North America, primarily due to expanded full year impact and higher capacity utilization at our Avondale refinery. refinery in Avondale, Louisiana.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Noncontrolling interests increased to $1,465 million at December 31, 2025 from $1,032 million at December 31, 2024 from $963 million at December 31, 2023 primarily due to $52 acquired Noncontrolling interests of $441 million from the Acquisition of Viterra, $34 million of income from favorable foreign exchange translations adjustments in Accumulated other comprehensive loss, $24 million of Net income attributable to noncontrolling interests interests, and $53 $32 million of contributions from noncontrolling interests, partially offset by $32 million of loss in Other comprehensive loss. interests.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Committed Incremental Commitments(2) Borrowings Capacity Outstanding Revolving Credit Facilities (1) Maturities December 31, 2024 2025 December 31, 2025 December 31, 2024 December 31, 2023 $1.1 Billion 364-day Revolving Credit Agreement 2025 2026 $ 1,100 $ — $ $ $3.2 $3.5 Billion 5-year Revolving Facility Agreement 2028 3,500 600 — $4.2 Billion Revolving Credit Agreement 2029 1,950 1,250 — — $3.5 Billion 3-year Revolving Facility Agreement 2026 1,750 1,750 2030 4,200 — — $865 Million 5-year Revolving Credit Facility 2026 Agreement 2030 865 — — — Total Revolving Credit Facilities $ 5,665 9,665 $ 3,000 600 $ $
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
As of December 31, (US$ in millions, except current ratio) 2025 2024 2023 Cash and cash equivalents $ 1,135 $ 3,311 $ 2,602 Trade accounts receivable, net 3,870 2,148 2,592 Inventories 13,198 6,491 7,105 Other current assets assets(1) 6,188 4,008 4,051 Total current assets $ 24,391 $ 15,958 $ 16,350 Short-term debt $ 3,883 $ 875 $ 797 Current portion of long-term debt 1,337 669 5 Trade accounts payable 4,881 2,777 3,664 Current operating lease obligations 499 286 308 Other current liabilities liabilities(2) 4,527 2,828 2,913 Total current liabilities $ 15,127 $ 7,435 Working capital(3) $ 7,687 Working capital(1) 9,264 $ 8,523 $ 8,663 Current ratio(1) ratio(3) 1.61 2.15 2.13
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The decrease in Total EBIT for the year ended December 31, 2024 was primarily due to lower Core Segment EBIT, resulting primarily from lower gross profit in our Agribusiness segment, as further discussed in the Segment Overview and Results of Operations section below, and which also below provides further details, as well as, a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The loss was partially offset by net gain in the current year is primarily the result of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. functional currency operations and net remeasurement gains on net monetary assets, liabilities, excluding the impact impacts of loans payable loan payables described above, as a result of U.S. dollar exposure in non-U.S. non-U.S dollar functional currency operations.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The decrease was primarily due to lower reported net income during the year ended December 31, 2024 2025 compared to the year ended December 31, 2023 2024 as discussed in the Segment Overview and Results of Operations section above as well as an overall reduction to net changes in working capital driven by the drivers discussed in Working Capital section above.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The lower net loss in the current year was is primarily the result of losses in our processing business, primarily due to the impact of a stronger weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations. operations, partially offset by losses resulting from unfavorable hedging and remeasurement results on monetary assets.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The decrease was primarily due to lower Core Corporate and Other EBIT as well as higher net interest expense due to increased debt levels to finance the Viterra Acquisition, partially offset by higher Segment EBIT, as further discussed in the Segment Overview & and Results of Operations section below, partially offset by and lower income tax expense as discussed further below.
Read it in 10-K 2026-02-19 at sec.gov ↗
